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<br />'') <br /> <br />,....-.,\ <br />\, I <br /> <br />.. ' <br /> <br />RESOLUTION OF THE STOCKHOLDERS OF <br />THE BUFFALO MUTUAL IRRIGATION COMPANY <br /> <br />WHEREAS, on the 5" day of December, 1997 the stockholders of the Buffalo Mutual <br />Irrigation Company ("Company") adopted a resolution authorizing the Board of Directors to <br />enter into a contract with the State of Colorado Water Conservation Board ("CWCB") for the <br />purpose of borrowing to reconstruct the Buffalo headgate, and <br /> <br />WHEREAS, on the 5" day of December, 1997 it was anticipated the total cost of the <br />project was expected to be approximately $505,000.00 necessitating a loan from the CWCB in <br />the 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 stockholders hereby charge these <br />resolutions be irrepealable during the life of the loan once the Board of Directors execute the loan <br />contract 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 $465,000.00 and to comply with all the teons 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 of up to $27,000.00, as security for the loan and to execute an <br />assignment of certificate of 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 teons of the loan contract. <br /> <br />Adoptedthis e,\\'dayof ~~,,<~ \ ,1999. <br /> <br />BUFFALO MUTUAL IRRIGATION COMPANY <br /> <br /> <br />BY:-4J) ,4~ ~ <br />- r (president) <br /> <br />ATTEST: <br /> <br />BY:4PL~ <br /> <br />S tary <br />