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<br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF BIJOU IRRIGATION DISTRICT <br /> <br />WHEREAS, the Bijou Irrigation District (District), in Morgan and Weld Counties, <br />Colorado, is an Irrigation District organized under the Irrigation District Law of 1905 (C.R.S. 37- <br />41-101 to-160), duly organized under the constitution and laws of the State of Colorado; and <br />WHEREAS, the District was authorized, pursuant to a special election of the qualified <br />electors of the District, duly called and held on August 9, 2007, to incur an increase in the <br />amount of indebtedness for an existing loan of up to $102,340.00 to be added to the previous <br />principal amount of $672,660, with a term of repayment of 30 years at 2.5% annual interest rate, <br />for the purpose of rehabilitating Empire Reservoir; and <br />WHEREAS, the Department of Natural Resources, Colorado Water Conservation Board <br />("CWCB") has issued its loan commitment to finance an increase in the existing loan to the <br />District to rehabilitate Empire Reservoir, subject to the District's compliance with applicable <br />statutes regarding the authorization to incur debt; and <br />WHEREAS, the Board of the District has determined that it is in the best interests of the <br />District to rehabilitate Empire Reservoir with funds obtained from the CWCB according to the <br />terms of the loan commitment. <br />NOW THEREFORE, be it resolved by the District as follows: <br /> <br />1. THE Board of the District herby authorizes and directs the President, Donald <br />Neb, and the Secretary, Denice Wagner, to execute and deliver on behalf of the <br />District a Loan Contract Amendment, Revised Promissory Note, and such other <br />documents referenced in the loan increase commitment and required to obtain the <br />increase in the existing CWCB loan. <br />2. This resolution was authorized by the Board at a Special Meeting held on <br />August 13, 2007 and will remain in effect until termination and defeasance of the <br />CWCB loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY, HEREBY CERTIFY THAT <br />THE FOREGOING IS A TRUE AND CORRECT COPY OF THE RESOLUTION DULY <br />ADOPTED AT A MEETING OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED <br />AND HELD AS ABOVE RECITED AND THAT SAID RESOLUTION HAS NOT BEEN <br />AMENDED ORRESCINDED. <br /> <br />GIVEN UNDER OUR HAND AND THE SEAL OF THE DISTRICT THE 13TH DAY OF AUGUST, <br />2007. Q <br /> <br />By 1 ~h~P' ~ <br />( SEAL) Donald Neb, President <br /> <br />By <br /> <br /> <br />APPENDIX A <br />