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RESOLUTION OF THE SHAREHOLDERS OF THE EXCELSIOR IRRIGATING COMPANY At its January 28, 1998 meeting, the Shareholders of the Excelsior Ditch Company (Company) approved obtaining a loan in the amount of $230,000 from the State of Colorado Water Conservation Board (STATE) to finance Phase II of the rehabilitation of Excelsior Ditch. The cost of the project has been estimated to cost the Company an additional $21,125 and the State has agreed to increase the loan amount by the same amount. The Shareholders, at the annual meeting held on April ~., 2000, adopted the following and hereby charges that these resolutions be irrepealable during the life of the loan and hereby authorizes the President and Secretary as follows: 1. RESOLVED, to enter into and comply with the terms of a loan contract with the Colorado Water Conservation Board for a loan in the amount of $251,125 ("Loan Contract"), and 2. RESOL.VED, to levy and collect assessments in an amount sufficient to pay the annual amounts due under the Loan Contract, including deposits to the reserve debt service fund, and to pledge those revenues and the Company's right to receive said revenues from its shareholders for repayment of the loan, and 3. RESOLVED, to place assessment revenues pledged to make annual loan payments in a special account separate and apart from other ConnPa-vY revenues, and 4. RESOLVED, to make annual loan payments and annual deposits to a debt service reserve fund in accordance with the Loan Contract, and 5. RESOLVED, to execute the Promissory Note as required by the terms of the loan contract, and 6. RESOLVED, to execute the Deed of Trust, Security Agreement, and Assignment of Deposit Account as Security to convey security interests to the STATE in accordance with the Loan Contract, and Adopted this ~ ~ day of April 2000. ATTEST: By 4~ ~C~ Erin Evans, Secretary The Excelsior Irrigating Company By ~'. ~. ~~ C. R. Evans, President Attachment 1(a) to Contract C153797 Amendment No. 1