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<br />Fu:iJOLUliONS OF THE tfOARD OF UlRECTORS
<br />nee T~ TJe~DA""E~ IR~tGAT.lON f:.nMDAMV
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<br />Tne. ... &ani. Oiret;tor.s of The -.,errace inigatioo Compa~y (~nv), a .meeting. held March
<br />25, 2004, at d\n n!: If I'~ fe. , Cokndo, adOpted the foItowing r8$OflJtion& concerning a 8eQll8d.
<br />loan from the State ofCokndo Water ~ Board (CWCB), for ttw ~ of ~
<br />d.. Terrace Reservoir in the amount of S245~430 or $UCh actual amount" more or !ess~as may
<br />be neaefed by the Company and ~~ from the cwce including the cwca loan origination fee of
<br />1% of tf1a roan amount
<br />N. said meetifV. the Soani cherged that U1ea resoMions are imtpeafabfe during the term of
<br />the .Ioamand, ~ to the Company'.~. ...~ the ~ aP.d C~..Z!'!_ ~J!!'y.
<br />RESOl \lEt) .. fotlow$.
<br />1. to enter inic and comply wIb", teIm$ da GOnhd. with the Colorado Water ~
<br />80atd for a loan in .. amount of$245.430~ or.$UCh ac.1uaJ~, mof8 or --1 .. needed
<br />to ~".projecteosts., induding theCYICB loan origination fee t:l1%. and
<br />2. to levy and coIird as~ fiom the .~ in an amount suIfcient to pay the
<br />~ amount$due underCheloan Contrad. and to pfedge~. revenues and the
<br />Companys figbtto.moeive said ~.for repaymentoflbe.~ and
<br />3. to pfece said ptedQed .....in a spedai account ~&tif1 and apart fmmother~
<br />~.and
<br />4~ to..........~ ~ by the .prcmi$$OIy.nole and to make annual deposits
<br />toadebt.~~fund..8Rd
<br />5. to pledge." T~ Resetvoif and .. water fights ~ wIb said. reser~. 8$
<br />can.~ai for the loan.. ~ at ~ ~ a deed of... ~. to
<br />COflYCfJ a.~Wlweslin $lid property to" CWQ3,
<br />6. to ..... d ~.,~ by" .toan~*ad, ~but ftOt.1W\Md to,a
<br />Securitv~anda~.Note.and
<br />7~to take sucb oller adion$. and to execute such other documents 88 may be ".&ry to
<br />~_~theDan.
<br />CermF:lCATlON
<br />THe ~. 1'Hi ~ AHO TIE CORPoRATE SEcRErARY HEREBY ca:mFY THAT THE
<br />~ ARE .~ AND CORRECT (;OPli$ OF ~ OUf.,y ADOPlEO AT A .~OF THE
<br />~s 8oAfto. Of: DiREcTORS tM..V CAiJ..E) ANI) HB.n AS AIK.M! Reali.O, ~ TO' THE
<br />COWAH'r-t$fA't.AW$~ AND THAT $AIiO R($OltJl't()N.SHAYe NOT BEet AIEHOED.OR~.
<br />~~:quaIWlOSAHDlHESEALOFTHECOMPN<<.THea2:.- OAVOF MARcH 2004.
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<br />By ~
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<br />Appendix 3 to Loan Contract C1S0171
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