PROJC01243

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION OF THE STOCKHOLDERS OF
THE AGRICULTURAL DITCH AND RESERVOIR COMPANY

Concerning a loan (the "Loan") in the amount of $300,000 from the
State of Colorado Water Conservation Board ("State") for the pur-
pose of rehabilitating the Welch Ditch System, the following reso-
lutions were adopted by the stockholders of The Agricultural Ditch
and Reservoir Company ("Company") at a shareholders' meeting held
June 23, 1997 at Lakewood, Colorado. The shareholders hereby
charge that these resolutions be irrepealable during the life of
the loan and hereby authorize the Company's Board of Directors as
follows:

1. RESOLVED, to enter into a contract (the "Loan Contract")
with the Colorado Water Conservation Board for the Loan
in the amount of $300,000 and to comply with all the
terms of the Loan Contract, and

2. RESOLVED, to make and levy assessments sufficient to pay
the annual amounts due under the Loan Contract, includ-
ing, but not limited to, annual loan payments and depos-
its to the reserve debt service fund, and

3. RESOLVED, to implement any requirement of the Loan Con-
tract to place assessment revenues pledged to make annual
Loan payments in a special account separate and apart
from other Company revenues, and

4. RESOLVED, to make annual payments and to make annual
deposits to a debt service reserve fund in accordance
with the Loan Contract, and

5. RESOLVED, to execute all documents as required by the
Loan Contract, including, but not limited to, a Security
Agreement, an Assignment of Deposit Account as Security,

Appendix 1 to Loan Contract C153769