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<br />RESOLUTION <br /> <br />A RESOLUTION CONCERNING A LOAN IN <br />THE AMOUNT OF $51,700.00 FROM THE STATE OF <br />COLORADO WATER CONSERV AllON BOARD ("STATE"), <br />FOR THE PURPOSE OF REHABILITATING THE BRAVO <br />DITCH COMPANY'S ("COMPANY") RIVER <br />DIVERSION STRUCTURE, ADOPTED BY THE DIRECTORS <br />OF THE COMPANY AT A SPECIAL MEETING OF THE DIRECTORS <br />HELD ON SEPTEMBER 28, 1996, AT ILIFF, COLORADO. <br /> <br />RESOLVED: The Directors hereby authorize and direct the President and <br />Secretary of the Company to: <br /> <br />a) Execute and deliver the Loan Contract and Promissory Note to and <br />with the Colorado Water Conservation Board for a loan in the amount of $51,700.00, <br />and to comply with all the terms of the Loan Contract; and <br /> <br />b) Pay the indebtedness on behalf of the Company; and <br /> <br />c) Make and levy assessments sufficient to repay the annual amount <br />due under the terms of th~ Loan Contract and Promissory Note and to establish a <br />debt service reserve fund and to pay into that fund an amount sufficient to total an <br />annual loan payment within a period of ten years, and to replenish that fund at any <br />time that it is depleted below the amount of one annual payment; and <br /> <br />d) Purchase a certificate of deposit to serve as collateral in the amount <br />of one annual loan payment ($3,081.23) as security for the loan and to execute and <br />deliver an assignment of the certificate of deposit as described in the collateral <br />provisions of the Loan Contract and to replenish that fund at any time that it is <br />depleted below the amount of one annual payment; and <br /> <br />e) Set aside the assessment revenue in a special fund separate and <br />apart from other Company revenues in an amount sufficient to assure annual <br />repayment of such debt to ~e State; and <br /> <br />f) Execute and deliver a Security Agreement in accordance with t):,e <br />pledge of revenue provisions of the Loan Contract and Promissory Note to secure <br />the assessment revenues in favor of the State for the repayment of the loan to the <br />State; and <br /> <br />g) Not repeal this Resolution during the term of the Loan Contract. <br /> <br />[END OF RESOLUTION] <br /> <br />- ----.-... '. ,..--~--_.. #"'1k~"7~n <br />