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<br />" <br />I <br /> <br />RESOLUTION OF THE SHAREHOLDERS <br />OF THE DEWEESE DYE DITCH COMPANY <br /> <br />Concerning a loan in amount of $17,450 from the State of Colorado Water <br />Conservation Board (STATE). for the purpose of performing a feasibility study <br />of the DeWeese Dam, the following resolutions were adopted by the <br />Shareholders of the DeWeese-Dye Ditch and Reservoir Company (COMPANY). <br />at a Shareholders' annual meeting held January 11, 1997, at Canon City, <br />Colorado. The Shareholders hereby charge that these resolutions be <br />irrepealable during the life of the loan and hereby authorize the Board of <br />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 $17,450, and to comply with all the terms <br />of the loan contract, and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts <br />for the annual loan payment, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan <br />payments in a special account separate and apart from other COMPANY <br />revenues, and <br /> <br />4. RESOLVED, to make annual payments in accordance with the loan <br />contract, and <br /> <br />5 . RESOLVED, to obtain a certificate of deposit to serve as collateral in the <br />amount of one annual loan payment ($2,071.86) as security for the loan, and <br />to execute an assignment of certificate of deposit in accordance with the loan <br />contract, and <br /> <br />6. RESOLVED, to execute a security agreement to secure the revenues <br />pledged to repay the loan. <br /> <br />Adopted this 11 th day of January 1997. <br /> <br />DeWeese-Dye Ditch and <br />Reservoir Company <br /> <br />By ~'7-74:/zf b--: j;-i:=--;--r/ <br />.. onald D. Dorn, President <br /> <br />ATTEST: <br /> <br />BY-./~~~ <br />Rose Moschetti, Secretary <br /> <br />Appendix B to Contract #C153749 <br />