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RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE AMIT1l MUTUAI- �RRIGATION 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 conceming 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 tt�e 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 Colorado 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 projec: costs, 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 Co�PaivY <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, induding, 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 SECREi'ARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />CQMP 'S •SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />M ..'iB�Y�V��,pSVa;T�IAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />�. t .-.,., . . •. .. <br />���SIVEN, f� ER bLJF;� HANDS AND THE SEAL OF THE COMPANY THE �-I� DAY OF MARCH 2O02. <br />� � <br />>.� :�- �'"' � .r� � <br />� '". ; `! �� . �, i .,, _<9. : . BY <br />T � fi � .. �� ' . � �.�q � ���-�� � eith Cla 'dent <br />''���'�; `- ....-� 4 � <br />.• ,� . <br />: ���-_ ; �-- �,r <br />t ' k-��+� �l�.a��-" <br />-_ _.:--g <br />�60 ' rate ecreta <br />ry EXHIBIT <br />� <br />a � <br />8 <br />