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<br />tiC':' <br />""0"] <br /> <br />" <br /> <br />Agenda Item 3(b) <br /> <br />RESOLUTION <br /> <br />The Board of Directors of The Consolidated Mutual Water Company <br />("Company"), at a meeting held February 28, 2000, at 12700 West 27th Avenue, <br />Lakewood, Colorado, adopted the following Resolution concerning an <br />incremental loan of up to $6,300,000, (in addition to the $10,000,000 previously <br />authorized by Resolution No, 1999-03) from the State of Colorado Water <br />Conservation Board ("CWCS") for the purpose of constructing Fortune <br />Reservoir. Total Construction Fund lending for the project will not exceed <br />$16,300,000, or 75% oftotal project costs, whichever is less. <br /> <br />At said meeting, the Board charged that this Resolution is irrepealable during the <br />term of the loan and pursuant to the Company's By-Laws, authorized the <br />President and Secretary-Treasurer as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with <br />the CWCB for an incremental loan in the amount of up to $6,300,000; and <br /> <br />2. RESOLVED, to char e and collec <br />an amount sufficient to pay the annual amounts due under the Loan <br />Contract, and to pledge water service rate revenues and the Company's <br />right to receive said revenues for repayment of the loan; and <br /> <br />3. RESOLVED, to place said pledged revenues in a special account <br />separate and apart from other Company revenues; and <br /> <br />4. RESOLVED, to make the annual payment required by the Promissory <br />Note and to make annual deposits to a debt service reserve fund; and <br /> <br />5. RESOLVED, to pledge certain property of the Company as collateral for <br />the loan and execute documents necessary to convey a security interest <br />in said property to the CWCB; and <br /> <br />6. RESOLVED, to execute all documents as required by the Loan Contract, <br />including, but not limited to, a Security Agreement, Assignment of Deposit <br />Account as Security, Promissory Note, Deed of Trust and Stock <br />Assignment; and <br /> <br />7. RESOLVED, to take such other actioAs and to execute such other <br />documents as may be necessary to consummate and implement the loan. <br /> <br />Attachment 1 to Contract C150011 Amendment No.1 <br />