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<br />- <br /> <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE DELTA CANAL COMPANY <br /> <br />The Board of Directors of The Delta Canal Company (Company), a meeting held <br />M. v. ?"cJ , 2002, at Delta, Colorado, adopted the following resolutions concerning a <br />secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose <br />of rehabilitation of the Delta Canal system, in the amount of $75,000 or such actual amount, <br />more or iess, as may be needed by the Company and available from the CWCB. <br /> <br />At said meeting, the Board charged that these resoiutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, RESOLVED as follows. <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $75,000, or such actual amount, more or iess, as needed <br />to finance the project costs, and <br /> <br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and <br /> <br />3. to place said pledged revenues in a special account separate and apart from other <br />COMPANY revenues, and <br /> <br />4. to make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br /> <br />5. to execute a deed of trust to convey a security interest to the CWCB in the Company's <br />canal and individual headgates rehabilitated with the CWCS loan, and <br /> <br />6. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br /> <br />7. 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 <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, <br />PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br />RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I' O(~ DAY OF ~<2K1IIt.... 2002. <br /> <br />By <br /> <br /> <br />(SEAL) <br />ATTEST: <br /> <br /> <br />Appendix 3b to Loan Contract C150108 <br />