RESOLUTIONS OF THE SHAREHOLDERS
<br />OF THE AMITY MUTUAL IRRIGATION COMPANY
<br />The Shareholders of the Amity Mutual Irrigation Company (Company), at a Shareholders'
<br />meeting held March 4, 2002, at Holly, Colorado, adopted the following resolutions concerning a
<br />secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
<br />rehabilitation of the Neenoshe Reservoir dam, in the amount of $360,000 or such actual amount,
<br />more or less, as may be needed by the Company for up to 90% of project costs.
<br />At said meeting, the Shareholders charged that these resolutions are irrepealable during the term
<br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and
<br />officers, RESOLVED as follows:
<br />1. To enter into and comply with the terms of a contract with the CoVorado Water Conservation
<br />Board for a loan in the amount of $360,000, or such actual amount, more or less, up to 90%
<br />of project c�sts, and
<br />2. To levy and collect assessments from the shareholders in an amount sufficient to pay the
<br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the
<br />Company's right to receive said revenues for repayment of the loan, and
<br />3. To place said pledged revenues in a special account separate and apart from other CoMPaNY
<br />revenues, and
<br />4. To make the annual payments required by the promissory note and to make annual deposits
<br />to a debt service reserve fund, and
<br />5. To execute a deed of trust to convey a security interest to the CWCB in certain property
<br />owned by the Company, and
<br />6. To execute all documents as required by the loan contract, including, but not limited to, a
<br />Security Agreement and a Promissory Note, and
<br />7. To take such other actions and to execute such other documents as may be necessary to
<br />consummate and implement the loan.
<br />CERTIFICATION
<br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY
<br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETtNG OF THE
<br />C(�I�JIP�IVI"'S �SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S
<br />r1 � ,
<br />.�:~�Y�W�';,AN�D;T�1A.T SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />, Y , �IY��1�f�pER b.UF� HANDS AND THE SEAL OF THE COMPANY THE y DAY OF MARCH 2O02.
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<br />: By
<br />or rate ecretary
<br />Appendix 3a to Loan Contract C150099
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