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<br />'j <br /> <br />RESOLUTION <br /> <br />RESOLVED, the Directors of the South Platte Ditch Company (the <br /> <br />"Company") hereby authorize the President and the Secretary of the Company, on behalf of <br /> <br />the Company, to take the following actions to obtain a loan to the Company from the <br /> <br />Colorado Water Conservation Board (the "CWCB") for the purpose of rehabilitating the <br /> <br />Company's river diversion structure: <br /> <br />1. Contract with the CWCB for a loan in the amount <br />of $100,000 and comply with all the terms of <br />such contract (the "Loan Contract"); <br /> <br />2. Pay the monies owing under the Loan Contract on <br />behalf of the Company; <br /> <br />3, Levy annual assessments in an amount sufficient, <br />along with any other Company income, to repay <br />the annual amounts due under the Loan Contract; <br /> <br />4. Establish a reserve debt service fund by making <br />an annual deposit equivalent to one-tenth of the <br />annual payment required under the Loan Contract <br />every year for the fIrst 10 years of the Loan <br />Contract, and replenish that reserve fund any time <br />it is depleted or diminished as a result of the <br />Company using such fund to make any payment <br />required under the Loan Contract on an <br />emergency or temporary basis; <br /> <br />5. Place monies collected from the sale of recharge <br />water to the Groundwater Appropriators of the <br />South Platte River ("GASP") and, if necessary, <br />from annual Company assessments in a special <br />fund separate and apart from the Company's other <br />revenues, in an amount sufficient to assure <br />payment of the Company's annual obligation <br />under the Loan Contract, provided that the <br />reserve fund noted in paragraph 4 above and the <br />annual payment fund described in this paragraph <br />may be kept and accounted for in a single, <br />separate bank account; <br /> <br />APPENDIX A <br />