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<br />.", <br /> <br />RESOLUTION of the STOCKHOLDERS <br />of the <br />WOOD LAKE MUTUAL <br />WATER AND IRRIGATION COMPANY <br /> <br />Concerning a loan in amount of $188,000 from the State of Colorado Water ConselVation <br />Board (STATE), for the purpose of the rehabilitation of Wood Lake Dam, the following <br />resolutions were adopted by the Stockholders of the Wood Lake Mutual Water and <br />Irrigation Company (COMPANY), at a Stockholders' meeting held January 8, 1997, at <br />Eaton, Colorado. The Stockholders hereby charge that these resolutions be irrepealable <br />during the life of the loan and hereby authorize the Board of Directors as follows: <br /> <br />1. RESOLVED, to enter into a contract with the Colorado Water ConselVation Board for <br />a loan in the amount of $188,000, and to comply with all the terms of the loan <br />contract, and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the annual amounts due <br />under the loan contract including, but not limited to, annual loan payments and <br />deposits to the reselVe debt selVice fund, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />in a special account separate and apart from other COMPANY revenues, and <br /> <br />4. RESOLVED, to make annual payments in accordance with the loan contract, and <br /> <br />5. RESOLVED, to obtain a certificate of deposit to selVe as collateral in the amount of <br />one annual loan payment ($10,544.47) as security for the loan, and to execute an <br />assignment of certificate of deposit in accordance with the loan contract, and or <br />RESOL VED, to execute the deed of trust as security required by the State in <br />accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but <br />not limited to, a Security Agreement and Assignment Of Deposit Account As Security <br />to secure the revenues pledged to repay the loan, a Promissory Note, and an <br />Assignment Of Certificate Of Deposit. <br /> <br />Adopted this 8th day of January 1997. <br /> <br />WOOD LAKE MUTUAL <br />WATER AND IRRIGATION COMPANY <br /> <br />By O?~J1-h %~ <br /> <br />Title: if ~ , <br /> <br />ATTEST: <br />By U;''''9~ <br /> <br />Appendix 1 to Loan Contract #C153810 <br />