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<br />. <br /> <br />. <br /> <br />RESOLUTION <br /> <br />WHEREAS, the Jackson Lake Reservoir and Irrigation Company owns the water rights <br />and facilities associated with Jackson Lake Reservoir; and <br /> <br />WHEREAS, recent investigations indicate that additional maintenance and repair may be <br />required on Jackson Lake Reservoir dam; and <br /> <br />WHEREAS, obtainilig financing from the Colorado Water Conservation Board may be <br />required to fund the work to be completed on Jackson Lake Reservoir dam. <br /> <br />THEREFORE, be it resolved by the shareholders of the Jackson Lake Reservoir and <br />Irrigation Company that: <br /> <br />I, The Board of Directors is authorized to enter into a Loan Contract for an amount <br />up to One Million Dollars ($1,000,000.00) with the Colorado Water Conservation <br />Board on such terms and conditions as the Board of Directors believes is <br />appropriate; and <br /> <br />2. The Board of Directors, acting' by and through its President and Secretary, shall <br />pay the indebtedness to the Colorado Water Conservation Board pursuant to the <br />terms of the Loan Contract; and <br /> <br />J. The Board of Dircctors, acting by and through its President and secretary, is <br />authorized to execute deeds of trust and other security documents associated with <br />repayment of the Loan Contract on such terms and conditions as the Board of <br />Directors believes is appropriate; and <br /> <br />4. Shareholders of Jackson Lake Reservoir and Irrigation Company shall make and <br />levy special assessments on the shares of stock of Jackson Lake Reservoir and <br />Irrigation Company for repayment of the Loan Contract, and such special <br />assessments shall be held in a separate account for repayment of the Loan <br />Contract, which account may be the subject of a security interest held by the <br />Colorado Water Conservation Board for the repayment of the Loan Contract, as <br />determined by the Board of Directors. <br /> <br />The foregoing Resolution was approved by a vote of the <br />shareholders of the Jackson Lake Reservoir and Irrigation <br />Company on June 11, 1994. <br /> <br />Attest. <br /> <br /> <br />