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<br />-\ <br /> <br />.,-. <br /> <br />RESOLUTION OF THE STOCKHOLDERS OF THE BUFFALO <br />MUTUAL IRRIGATION COMPANY <br /> <br />WHEREAS, on Ihe 1 O~ day of March, 1997 Ihe Stockholders of the Buffalo Mutual <br />Irrigation Company ("Company") adopted a Resolulion authorizing the Board of Directors to <br />enter into a contract with the Slate of Colorado Water Conservation Board ("CWCBU) for the <br />purpose of borrowing money to reconstruct the Buffalo headgate, and <br /> <br />WHEREAS, at the time of said annual meeting the total cost of the project was expected <br />to be $326,500.00 necessitaling a loan from CWCB of approximately $260,000.00, and <br /> <br />WHEREAS, it has been determined based on bids received Ihat the costs of the total <br />project would be approximalely $505,000.00 necessitating a loan from CWCB in the amount of <br />up to $400,000.00, <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Stockholders hereby charge that these <br />resolutions be irrepealable during the life of the loan once the Board of Directors execute the loan <br />conlract and hereby authorize the Board of Directors as follows: <br /> <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation <br />Board for a loan in the amount of up to $400,000.00 and to comply with all the terms of the loan <br />contrac~ and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the <br />annual loan payment and the deposit to the Debt Service Reserve Fund due under the loan <br />contract, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />and to make annual deposits to the Debt Service Reserve Fund in a special amount separate and <br />apart from other Company revenues, and <br />- <br /> <br />4. RESOLVED, to make annual payments and to make annual deposits to the Debt <br />Service Reserve Fund in accordance with the loan contract, and <br /> <br />5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount <br />of one annual loan payment, ($21,243.19 or such other amount that may be necessary to equal <br />one annual loan payment not to exceed $25,000.00) as security for the loan, and to execute an <br />assignment of the certificate of deposit in accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute a security agreement 10 secure the revenues pledged 10 <br />repay the loan. <br /> <br />7. RESOLVED, 10 take such olher actions and to execule such olher documents as <br />may be necessary or convenient to comply with the tenns of the loan contract. <br /> <br />ADOPTED this 5~ day of December, 1997. <br /> <br />BUFFALO MUTUAL IRRIGATION COMPANY <br /> <br />~a~ <br />By' .. <br />EDW L. BA ES - PRESIDENT <br /> <br />ATTEST: <br /> <br />BY--1~~C:--hir--~~ ' <br />RODNE . THOMPSON SECRETARY <br /> <br />Exhibit 1 to Loan Contract C153793 Amendment 1 <br />