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<br />. . <br /> <br />RESOLUTION <br /> <br />The Board of Directors of The Consolidated Mutual Water Company <br />("Company"), at a meeting held August 27,2001, at 12700 West 2th Avenue, <br />Lakewood, Colorado, adopted the following Resolution concerning an <br />incremental loan of up to $4,333,000 (in addition to the $16,300,000 previously <br />authorized by Resolution No. 1999-03 and Resolution No. 2000-02), from the <br />State of Colorado Water Conservation Board ("CWCB") for the purpose of <br />constructing Fortune Reservoir. Total Construction Fund lending for the project <br />will not exceed $20,633,000 or 75% of total 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 the <br />CWCB for an incremental loan in the amount of up to $4,333,000; and <br /> <br />2. RESOLVED, to charge and collp.ct !;tor.khol(iers rates for water service in an <br />amount sufficient to pay the annual amounts due under the Loan Contract, <br />and to pledge water service rate revenues and the Company 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 payment 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, including Fairmount <br />Reservoir, as collateral for the loan and execute documents necessary to <br />convey a security interest in said property to the CWCS; 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 />and <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 />Attachment A to Contract C150011 Amendment No.2 <br />