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<br />---) <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE RAINBOW PARK WATER COMPANY <br /> <br />Concerning a loan in amount of $130,000 from the State of Colorado Water Conservation <br />Board (hereafter referred to as the STATE), for the purpose of placing the remaining portions <br />of the ditch in pipeline for the Rainbow Water Company, the following resolutions were <br />(unanimously) adopted by the Board of Directors of the Rainbow Water Company (hereafter <br />referred to as the COMPANY). at a meeting of the Board of Directors held September 12, <br />1994, at Florence, Colorado. <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to contract <br />for this loan debt, and authorizes the President and Secretary to pay the indebtedness <br />on behalf of the COMPANY, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to execute <br />the deed of trust as security required by the STATE, as specified in the Security Interest <br />provisions of the loan contract to be entered into, and <br /> <br />c. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to make and <br />levy assessment(s) sufficient to payoff this contract loan pursuant to its terms and to <br />discharge this lawful indebtedness, and <br /> <br />d. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to set aside <br />this assessment revenue in a special fund separate and apart from other COMPANY <br />revenues to assure repayment of this revenue to the STATE, and <br /> <br />e. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to sign a <br />security interest in such assessment revenues in favor of the STATE to secure the <br />repayment. <br /> <br />Dated this I$! day of <br /> <br />/ l"f"F <br />rY-LpJ;;;;L , .~ <br />U <br /> <br />Rainbow Water Company <br /> <br /> <br />~r", ,s7~'ith <br /> <br /> <br />A TT ACHMENTS\Company .res <br /> <br />APPENDIX A <br />