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RESOLUTION of the SHAREHOLDERS <br />of the Greeley and Loveland Irrigation COMPANY <br />Concerning a loan in amount of $23,400 from the State of Colorado Water Conservation <br />Board (STATE), for the purpose of conducting a feasibility study to evaluate the <br />rehabilitation or replacement of the project elements addressed in the Scope of Study, <br />(attached), the following resolutions were adopted by the Shareholders of the Greeley <br />nd .Loveland Irrigation Comp ny (COMPANY), at a Shareholders' meeting held <br />1997, at ,Colorado. The Shareholders hereby <br />harge at these resolutions be irrep alable during the life of the loan and hereby <br />authorize the Board of Directors as follows: <br />1. RESOLVED, to enter into a contract with the a ter Conservation Board for <br />a loan in the amount of $23,400, and to com I terms of the loan contract, <br />and <br />2. RESOLVED, to make and levy asses su i t a e annual amounts due <br />under the loan contract including, but not lima e I loan payments and <br />deposits to the reserve debt service fund, and <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />in a special account separate and apart from other COMPANY revenues, and <br />4. RESOLVED, to make annual payments in accordance with the loan contract, and <br />5. RESOLVED, to make annual deposits to a reserve debt service fund in accordance <br />with the loan contract, and <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of <br />one annual loan payment ($2,778.31) as security for the loan, and to execute an <br />assignment of certificate of deposit in accordance with the loan contract, and <br />7. RESOLVED, to execute all documents as required by the loan contract, including, but <br />not limited to, a Security Agreement and Assignment Of Deposit Account As Security <br />to secure the revenues pledged to repay the loan, a Promissory Note, and an <br />Assignment Of Certificate Of Deposit. <br />Adopted this day of 1997. <br />Greeley and Loveland Irrigation <br />Company <br />Title: <br />ATTEST• <br />By ~~ <br />~7-~ ~~~ <br />APPEND~X B TO LOAN CONTRACT #C153788 <br />