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. '" t.~ \{~ c) ReSOLUTIONS OF THE STOCKHOLDERS OF THE LEFT HAND DITCH COMPANY The Stockholders of the Left Hand D.itch Company (Company) adopted a resolution 0 Februrary 4, 1995, to approve a loan from the State of Colorado Water Conservatio Board (State) In the amount up to $370,000, not to exceed 75% of the actual proJe costs, at an Interest rate not to exceed 4.375 percent for a term of 30 years. This loa was to help finance increasing the capacity of thespiJIway at the Left Hand Valle Reservoir as required by the State Engineers Office at an estimated cost of $490,400 fa construction and engineering. The construction bid received for the project was in excess of the estimated cost by 2 percent. During an inspection of the. dam oullet wor1<s In September 1997, it we discovered that a portion of the 30-inch steel outlet pipe was partially collapsed, Due to these additional conditions, the Company received approval from the State at II November 24, 1997 meeting to Increase the loan by $190,000 for a total loan of up $560,000, not to exceed 75 percent of the project costs at an Interest rate of 4.37 percent for a term of 30 years. ... The Stockholders, at a Stockholders' meeting held February 7, 1998, al Nlwot, Colorado adopted the following resolutlons for a loen In the amount of up to $580,000 from the State. At sald meeting, the Stockholders charged that these resolutions are Irrepealable during th term of the loan and, pursuant to the Company's bylaws. authorized the Board of Dlrecto and officers as follows: . 1. RESOLVED, to enter Into and comply with the terms of a contract with the Colorado Wale Conservation Board for a loan In the amount of up to $560,000, nol to exceed 75% of th actl.lal construction costs, and 2: RESOLVED, to levy and collect assessments from the Slockholders In an amoun sufficient to pay the annual amounts due under the Loan Contract, and to pledg assessment revenues and the Company's right to receive said revenues for repayment 0 the loan, and . 3. RESOLVED, to place said pledged revenues In a special accounl separate and apart fro other CoMPANY revenues, and 4. RESOLVED, 10 make the annual payments required by the promissory note and 10 mak annual deposits to a debt service reserve fund, and 5. RESOLVED, to pledge as collateral for the loan the Left Hand Valley Dams and Reservoi owned by the Company, and executa documents necessary to convey a secul1ty Interes In sald property to the ewes, and 6. RESOLVED, to execute all documents as required by the loan contract, Including, but no limited to, a Security Agreement, Assignment Of Deposit Account As Security, and Promissory Note, and 7. RESOLVED, to lake such other actions and to execute such other documents as may b necessary to consummate and Implement the loan. Appendix 1 (a) to Loan Contract C153804