C150108 Contract

• Contract/PO #: C150108
• Contractor Name: Delta Canal Company, The
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: MC3
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE SHAREHOLDERS

OF THE DELTA CANAL COMPANY

The Shareholders of The Delta Canal Company (Company), at a Shareholders' meeting held
/110 v. '- ~ , 2002, at Delta, Colorado, adopted the following resolutions concerning a
secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose
of rehabilitation of the Delta Canal system, in the amount of $75,000 or such actual amount,
more or less, as may be needed by the Company and available from the CWCS.

At said meeting, the Shareholders charged that these resolutions are irrepealable during the
term of Ihe loan and, pursuant to the Company's bylaws, authorized the Board of Directors and
officers, RESOLVED as follows:

1. 10 enter inlo and comply with the lerms of a contract wilh the Colorado Water Conservation
Board for a loan in the amount of $75,000, or such actual amount, more or less, as needed
to finance the project costs, and

2. to levy and collect assessments from the shareholders in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the Joan, and

3. to place said pledged revenues in a special account separate and apart from other
COMPANY revenues, and

4. to make the annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and

5. to execute a deed of trust to convey a security interest to the CWCS in the Company's
canal and individual headgates rehabilitated with the CWCS loan, and

6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and

7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.

CERTIFICATION

THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 61" DAY OF j).J1.C-......~".. 2002.

By

(SEAL)
ATTEST:

~

v.~
Corporate Secretary

Appendix 3a to loan Contract C1501 08