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<br />RESOLUTIONS OF THE MANAGERS <br /> <br />OF BUFFALO FARMS WATER DEVELOPMENT, LLC <br /> <br />The Managers of the Buffalo Farms Water Development, LLC (Company), a meeting held <br />0"'-'-'. 1- , 2005, at JV\e'ri >'\.0, Colorado, adopted the following resolutions concerning a <br />secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />enhancing and expanding an existing recharge project for well augmentation in the amount <br />of $195,435 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB including the CWCB loan origination fee of 1 % of the loan amount. <br />At said meeting, the Managers charged that these resolutions are irrepealabl e during the <br />term of the loan and, pursuant to the Company's operating agreement, authorized the Managers, <br />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 $195,435, or such actual amount, more or less, as needed <br />to finance the project costs, including the CWCB loan origination fee of 1 %, and <br />2. to make the annual payments required by the promissory note, and <br />3. to pledge an interest in the project sufficient to satisfy the augmentation requirements of the <br />pledged real estate as collateral for the loan and execute all documents, including a security <br />agreement and deed of trust, necessary to convey a security interest in said property to the <br />CWCB, and <br />4. 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 />5. 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 MANAGERS HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT <br />COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S MANAGERS DULY CALLED <br />AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S OPERATING AGREEMENT, AND THAT SAID <br />RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. t"h <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 7- DAY OF J 0..'1\........ 't Y 2005. <br /> <br />By <br /> <br />D, AI~ ~ <br /> <br />(SEAL) <br /> <br /> <br />D. Kevin Vollmer, Manager <br /> <br />By <br /> <br />Appendix 3b to Loan Contract C150191 <br />