C150255 Contract

• Contract/PO #: C150255
• Contractor Name: Bijou Irrigation Company
• Contract Type: Loan
• Water District: 1
• County: Morgan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS

OF BIJOU IRRIGATION COMPANY

The Board of Directors of Bijou Irrigation Company (Company), at a meeting held
on April 10, 2008, at Fort Morgan, Colorado, adopted the following Resolutions
concerning a secured loan from the State of Colorado Water Conservation Board
(CWCB), for the purpose of rehabilitating the Bijou Canal diversion structure on the South
Platte River (Project) in the amount of $763,560 or such actual amount, more or less, as
may be needed by the Company and available from the CWCB including the CWCB loan
origination fee of 1 % of the loan amount.
At said meeting, the Board decided that these Resolutions are not repealable
during the term of the CWCB Loan, and pursuant to the Company's bylaws, authorized
the President and Corporate Secretary to carry out these Resolutions and to execute the
documents needed to do so.
The Company 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 $763,560, or such actual amount, more
or less, as needed to finance the Project costs, including the CWCB loan origination fee
of 1 % (CWCB Loan), and
2. To accept and sign an Amendment NO.1 for an increase to the original amount for
$45,450.00 for a total loan amount of up to $809,010.00. The terms for the additional
loan amount are an interest rate of 2.25% per annum and a repayment period of 30
years. A loan service fee of 1 % is included in the additional loan amount in accordance
with CWCB Policy NO. 16.
3. To levy and collect assessments from the shareholders in an amount sufficient to pay
the annual amounts due under the CWCB Loan Contract, and to pledge assessment
revenues and the Company's right to receive said revenues for repayment of the
CWCB Loan, and
4. To place said pledged revenues in a special account separate and apart from other
Company revenues, and
5. To make the annual payments required by the promissory note that will accompany the
CWCB Loan and to make annual deposits to the debt service reserve fund required by
the CWCB Loan, and
6. To pledge the Bijou Canal diversion structure on the South Platte River as collateral for
the CWCB Loan and to execute all documents, including a security agreement and
deed of trust, necessary to convey a security interest in the Bijou Canal diversion
structure to the CWCB, and
7. To execute all documents as required by the CWCB Loan contract, including, but not
limited to, a Security Agreement and a Promissory Note, and
8. To take such other actions and to execute such other documents as may be necessary
to consummate, implement, and pay back the CWCB Loan.

Appendix A to Loan Contract C150255