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<br />0~ <br /> <br />RECEIVED <br />AUG 2 It 1999 <br /> <br />.---. <br />f." '~::~) <br />r <br /> <br />Coloraoo Water <br />(:onservation Boatd <br /> <br />Agenda Item 3(a) <br /> <br />THE CONSOLIDATED MUTUAL WATER COMPANY <br /> <br />RESOLUTIONS <br /> <br />The Board of Directors of The Consolidated Mutual Water Company <br />("Company"), at a meeting held August 23, 1999, at 12700 West 2ih Avenue, <br />Lakewood, Colorado, adopted the following Resolutions concerning a loan in the <br />amount of up to $10,000,000, not to exceed 50% of actual construction costs, <br />from the State of Colorado Water Conservation Board ("CWCS"), for the <br />purpose of constructing Fortune Reservoir. <br /> <br />At said meeting, the Board charged that these Resolutions are irrepealable <br />during the term of the loan and pursuant to the Company's By-Laws, authorized <br />the President and Secretary-Treasurer as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with the <br />Colorado Water Conservation Board for a loan in the amount of up to <br />$10,000,000; and <br /> <br />2. RESOLVED, to charge and collect stockholders rates for water service in an <br />amount sufficient t6- pay the annual amounts due under the Loan Contract, <br />and to pledge water service rate revenues and the Company's right to receive <br />said revenues for repayment of the loan; and <br /> <br />3. RESOLVED, to place said pledged revenues in a special account separate <br />and apart from other Company revenues; and <br /> <br />, 4. RESOLVED, to make the annual payments required by the promissory note <br />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 the <br />loan and execute documents necessary to convey a security interest in said <br />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 Assignment; <br />a~ ' <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents <br />as may be necessary to consummate and implement the loan. <br /> <br />Appendix A to Loan Contract C150011 <br />