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<br />LAW OffiCE <br /> <br />RECEIVED <br />,JUN 1 0 2004 <br /> <br />~@F~~~~ <br /> <br />500 MAIN STREET. P.O. BOX 62 <br />lA JARA, COLORADO 81140-0062 <br /> <br />TELEPHONE: 274-4368 <br />AREA CODE 719 <br /> <br />Oolorado Water ConselVation Board <br /> <br />June 8, 2004 <br /> <br />OUR FILE NO. <br /> <br />Ms. Janis Illian, Contract Manager <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />In re: Contract #C 150 171 <br /> <br />Terrace Irrigation Company <br /> <br />Dear Ms. Illian: <br /> <br />By a letter dated the 7th day of April, 2004, in satisfaction of the loan <br />requirement I provided the Board of Directors of the Colorado Water <br />Conservation Board with a Preliminary Opinion Letter setting forth <br />essentially that prior to the consummation of the loan which was to be <br />secured by the real property and water rights of the Terrace Irrigation <br />Company a Resolution of the Shareholders would need to be obtained <br />authorizing the Members of the Board of Directors to encumber the real <br />property and water rights of the Terrace Irrigation Company. I specifically <br />cited the provisions of Article 11 of the Terrace Irrigation Company By-Law <br />as mandating the shareholder approval requirement. <br /> <br />In satisfaction of said requirement the Members of the Board of Directors <br />called a general meeting of the shareholders of the Terrace Irrigation <br />Company which was attended by the required number of shareholders so as <br />to constitute a quorum and at said meeting by vote of the majority of the <br />shareholders the Members of the Board of Directors were authorized to <br />execute those documents necessary to provide the Colorado Wate <br />Conservation Board with the requisite liens on the water rights a.gg. <br /> <br /> <br />.~~ <br />~- --.:..- ............--= <br />- -. - -..:... -.. <br />.::.. -- - -~ :?:.:~-~ <br /> <br />- - ---.::....... <br />~-~-...:: <br />