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<br />, ~"'1 <br /> <br />RESOLUTION OF THE BOARD OF DIRECfORS OF THE BUFFALO MUTUAL <br />IRRIGATION COMPANY <br /> <br />WHEREAS, on the 23'" day of September, 1997 the Board of Directors of the Buffalo <br />Mutual Irrigation Company adopted a resolution authorizing the President and Secretary to enter <br />into a contract with the State of Colorado Water Conservation Board ("CWCB") for the purpose <br />of borrowing money to reconstruct the headgate. and <br /> <br />WHEREAS, this Resolution was modified on December 5, 1997 to increase the amount <br />for the total project to approximately $505,000.00 necessitating a loan from the CWCB in the <br />amount of up to $400,000,00, and <br /> <br />WHEREAS, the headgate has been substantially completed and it has been detennined <br />that the total cost of the project is approximately $606,831.24 necessitating a loan from CWCB <br />in the amount of up to $465,000.00, <br /> <br />NOW, TIIEREFORE, BE IT RESOLVED that the Board of Directors hereby charge that <br />these resolutions be irrepealable during the life of the loan once the loan contract has been <br />executed and hereby authorizes the President and Secretary as follows: <br /> <br />1. RESOL YED, to enter into a contract with the Colorado Water Conservation <br />Board for a loan in the amount of up to $465,000.00 and to comply with all the terms of the loan <br />contract, 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 contract, <br />and <br /> <br />3. RESOLVED, to ,place assessments and revenues pledged to make an annual loan <br />payment to make an annual deposits to the Debt Service Reserve Fund in a special account <br />separate and apart from other Company revenues, and <br /> <br />4. RESOLVED, to make annual payments and to make annual deposits to 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 as security for the loan and to execute an assignment of certificate of <br />deposit in accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute a security agreement to secure the revenues pledged to <br />repay the loan, and <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents as <br />may be necessary or convenient to comply with the tenns of the loan contract. <br /> <br />Adoptedthis~dayof m",,~ , t999. <br /> <br />BUFFALO MUTUAL IRRIGA nON COMPANY <br /> <br />ATIEST: <br /> <br />~~ <br /><iJ {' {(L/~ --- <br />Vu <br />t~-c L,k <br /> <br />By~~~~, j~ <br />, Secretary <br /> <br />Attachment A - Contract No. 153793 Amendment No.1 <br />