C150087 Contract

• Contract/PO #: C150087
• Contractor Name: Cedar Mesa Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE SHAREHOLDERS
OF THE CEDAR MESA DITCH AND RESERVOIR COMPANY

The Shareholders of the Ced~.r Mesa Ditch and ~[Z~~oir' Company (Company), at a
Shareholders' meeting held February 23, 2002, at J ,~olorado, adopted the following
.-Fesol\lt4gAs-G()1=IGeFJ+iRQ--a-seGIJn~d-!Gali--f-Fol+l-ti:Je-State-of-Col.or.ado_W.atec.:ConseOlation.Board
(CWCS), for the purpose of rehabilitation of the Cedar Mesa Dam, in the amount of $100,000 or
such actual amount, more or less, as may be needed by the Company and available from the
CWCS for actual project costs.

. At said meeting, the Shareholders charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorizeQ the Board of Directors and
officers, RESOLVED as follows:

1. To enter into and comply with the terms of a contract with the Colorado Water Conservation
Soard for a loan in the amount of $100,000, or such actual amount, more or less, as needed.
to finance project costs, and

2. To levy and collect assessments from the shareholders in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and

3. To place said pledged revenues in a special account separate and apart from other COMPANY
revenues, and .

4. To make the annual payments required by the promissory note and to make annual deposits
to a debt service'reservefund, and -." ,.

5. To execute a aeed of trust to. convey a security interest to the CWCS in certain property
owned by the Company, and

6. To execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and..a Promissory Note, and

.7. To take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.

CERTIFICATION

THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY QF THE COMPANY, HEREBY CERTIFY
THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECiTED, PURSUANT TO THE COMPANY'S
BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ..2.5':'/ DAY OF FEBRUARY 2002.

By

(S EAL)

ATTEST:

By
Robert E. Phillips, Corporate.

/.~

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Appendix.3 to loan Contract C150087