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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS
<br />OF THE GREELEY AND LOVELAND IRRIGATION DITCH COMPANY
<br />
<br />The Board of 'rectors of The Greele~ and Loveland Irrigation Ditch Company (Company), at a
<br />meeting held I , 2005, at ~k - " Colorado, adopted the following resolutions
<br />concerning a s cured loan from the ~olorado Water Conservation Board (CWCB), for
<br />the purpose of reconstruction of the spillway at Boyd Lake Dam in a new location in the amount
<br />of $2,844,000 or such actual amount, more or less, as may be needed by the Company and
<br />available from the CWCB which includes the CWCB loan service fee of 1 % of the loan amount.
<br />
<br />At said meeting, the Board charged that these resolutions are irrepealable during the term of
<br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
<br />Secretary, RESOLVED as follows.
<br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a
<br />loan in the amount of $2,844,000, or such actual amount, more or less, as needed to finance the
<br />project costs, including the CWCB loan service fee of 1 %, and
<br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual
<br />amounts due under the Loan Contract, and to pledge assessment revenues and the Company's right
<br />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 to a debt
<br />service reserve fund, and
<br />5. to pledge Boyd Lake as collateral for the loan and execute a deed of trust to convey a security interest
<br />in said property to the CWCB, and
<br />6. to execute all documents as required by the loan contract, including, but not limited to, a Security
<br />Agreement and a Promissory Note, and
<br />7. to take such other actions and to execute such other documents as may be necessary to consummate
<br />and implement the loan.
<br />CERTIFICATION
<br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
<br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
<br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
<br />COM!?ANV'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />._,~~~Pfll9~~?;~;,~:"DS AND THE SEAL OF THE COMPANY THE..b!:: DAY OF ~ 2005.
<br />
<br />
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<br />! ;~ (, " j~4:~" ", (~ ) Q ~A~dJ ~. ._--
<br />~, Lf4J,... . g ,,' David L. Bernhardt, President
<br />~tt~.~ E" [). v -4 ~ /
<br />
<br />B:";~~~.{ t::~
<br />Ronald. Brinkman, Secretary.:Treasurer
<br />
<br />Appendix 3b to Loan Contract C150161
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