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<br />\ <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE ARKANSAS GROUNDWATER USERS' CORPORATION <br /> <br />The Board of Directors of the Arkansas Groundwater Users' Association (Association), at a meeting <br />held September ,25- , 2003, at Manzanola, Colorado, adopted the following resolutions concerning a <br />loan in the amount of $970,448 from the State of Colorado Water Conservation Board (CWCB), for (1) <br />the purchase of 785 shares of Excelsior Irrigating Company stock, (2) to construct an additional <br />recharge pond, and (3) to enlarge approximately four miles of the Excelsior Ditch to allow sufficient <br />delivery of recharge water to develop recharge credits. ' <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan <br />and, pursuant to the Association's bylaws. authorized the President and Secretary, RESOLVED as <br />follows, <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board <br />for a loan in the amount of $970,448, or such actual amount, more or less, as needed to finance the <br />project costs and the CWCB loan origination fee of 1%, and <br />2. to levy and collect membership fees and augmentation water fees for depletions generated by <br />member wells from its members in an amount sufficient to pay the annual amounts due under the <br />Loan Contract, and <br />3. to pledge revenues from membership fees, augmentation water fees and other incidental <br />operating fees and the Association's right to receive said revenues for repayment of the loan, and <br />4. to place said pledged revenues in a special account separate and apart from other Association <br />revenues, and <br />5, to make the annual payments required by the promissory note and to make annual deposits to a <br />debt service reserve fund, and <br />6. to pledge the 785 shares of Excelsior Irrigating Company as collateral for the loan and execute all <br />documents, including a security agreement, deed of trust and stock assignment, necessary to <br />convey a security interest in said property to the CWCB, <br />7. to execute all documents as required by the loan contract, including, but not limited to, a Security <br />Agreement and a Promissory Note, and <br />8. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF <br />THE ASSOCIATION'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />ASSOCIATION'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE ,7,'"; DAY OF SEPTEMBER 2003 <br /> <br />By <br /> <br />C)r- Lv <br />C. R. Evans, President <br /> <br />(S E A L) <br /> <br />ATTEST: "f ' <} <br />". ". I') (J. <br />" .. / (/. J <br />By /A,.f '5~( ~ '~L/t:t;" <br />Cliff2fd Walter, Secretaryrrreasurer <br /> <br />Appendix 3 to Loan Contract C150156 <br />