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<br />~0 ~ <br />RESOLUTION of the BOARD OF DIRECTORS <br />of the <br />WOOD LAKE MUTUAL <br />WATER AND IRRIGATION COMPANY <br /> <br />Conceming a loan in amount of $188,000 from the State of Colorado Water Conservation <br />Board (STATE), for the purpose of rehabilitating Wood Lake Dam, the following resolutions <br />were adopted by the Board of Directors of the Wood Lake Mutual Water and Irrigation <br />Company (COMPANY), at their meeting held January 8, 1997, at Eaton, Colorado, The <br />Board of Directors hereby charges that these resolutions be irrepealable during the life of <br />the loan and hereby authorizes the President and Secretary as follows: <br /> <br />1. RESOLVED, to contract with the Colorado Water Conservation Board for a loan in the <br />amount of $188,000, and to comply with all the terms of the loan contract, and <br />2, RESOLVED, to make and levy assessments sufficient to pay the amounts for the <br />annual loan payment and the deposit to the reserve debt service fund under the loan <br />contract, and <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />and to make annual deposits to the reserve debt service fund in a special account <br />separate and apart from the other COMPANY revenues, and <br />4, RESOLVED, to make annual payments in accordance with the loan contract, and, to <br />make annual deposits to the reserve debt service fund in accordance with, the loan <br />contract, and <br />5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one <br />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 <br />6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay <br />the loan. <br /> <br />Adopted this 8th day of January, 1997. <br /> <br />WOOD LAKE MUTUAL <br />WATER AND IRRIGATION COMPANY <br /> <br />ATTEST: <br /> <br />BY~'/~~ <br />Ruben Hergert, Pre dent <br /> <br />By <br /> <br />U~u.' <br /> <br />iru <br />