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<br />RESOLUTION OF THE BOARD OF DIRECTORS <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 Board of <br />Directors of the DeWeese-Dye Ditch and Reservoir Company (COMPANY), at <br />their meeting held JLJY!li.itnl il ,1997, at Canon City, Colorado. The <br />Board of Directors hereby chafges that these resolutions be irrepealable during <br />the life of the loan and hereby authorizes the President and Secretary as <br />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 <br />pledged to repay the loan. <br /> <br />Adopted this 5-IJJ- day of <br /> <br />to secure the revenues <br /> <br />F't'6Yi/d/Y1/ 1997. <br />/. <br />DeWeese-Dye Ditch and <br />Reservoir Company <br /> <br />By &-n/d4/ v. /)rn-J <br />./ <br />Ronald D. Dorn, President <br /> <br />ATTEST: <br /> <br />By ~~~~. <br />Rose Moschetti, Secretary <br />