LPPD000425 ‎(2)‎

• Contract/PO #: C150136
• Contractor Name: Stieb Brothers, Inc.
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

. RESOLUTIONS OF THE BOARD OF DIRECTORS OF STIES BROS., INC.

The Soard of Directors of Stieb Bros., Inc. (Company), at a meeting held
Ap R-l L ./6 2003, at t L I F P , Colorado, adopted the following
resolutions concerning a secured loan from the State of Colorado Water Conservation Board
(CWCS) in the amount of $151,500 or such actual amount, more or less, as may be needed
by the Company and available from the CWCB in addition to the CWCB loan origination fee
of 1% of the loan amount for the purpose of construction of a recharge project to
augment existing wells.
At said meeting, the Board charged that these resolutions are irrepealable
during the term of the loan and authorized the President and Corporate Secretary,
RESOLVED as follows.

1. to enter into and cOmply with the terms of a contract with the Colorado Water
. Conservation Board for a loan in the amount of $151,500, or such actual amount,
more or less, as needed to finance the project costs, plus the CWCBloan origination
fee of 1 %, and

2. to make the annual payments required by the promissory note and to make annual
deposits to a debt service reserve fund, and

3. to pledge or cause to be pledged property with a value equal or greater than the amount
of the loan and to take all actions necessary for the conveyance of a security interest in
said property to the cwes, and

4. to execute all documents as required by the loan contract, including, but not limited
to, a Promissory Note, and

5. to take such other actions and to execute such other documents as may be
necessary to consummate and implement the loan.

CERTIFICATION

The undersigned, the President and the Corporate Secretary hereby certify that the
foregoing are true and correct copies of resolutions duly adopted at a meeting of the
Company's Board of Directors duly called and held as above recit~d, and that said
resolutions have not been amended or rescinded.

Given under our hands and the seal of the Company the ;}../ day of ~2003.

(SEAL)

By l3a..tO~W P~.
Basil Stieb, President

ATTEST:

Appendix 3b to Loan Co~tract C150136