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RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE OWL CREEK RESERVOIR COMPANY <br />The Shareholders of the Owl Creek Reservoir Company (Company), at a <br />Shareholders' meeting held February i , 2003, at Eaton, Colorado, adopted the <br />following resolutions concerning a secured loan from the State of Colorado Water <br />Conservation Board (CWCB), for the purpose of rehabilitation of the Owl Creek Reservoir, in <br />the amount of $1,125,000 or such actual amount, more or less, as may be needed by the <br />Company and availab�e from the CWCB for up to 90% of the actual project costs. <br />At said meeting, the Shareholders charged that these resolutions are <br />irrepealable during the term of the loan and, pursuant to the Company's bylaws, <br />authorized the Board of Directors and officers, RESOLVED as follows: <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $1,125,000, or such actual amount, <br />more or less, as needed to finance up to 90% of the project costs, and <br />2. to make the annual payments required by the promissory note, and <br />3. to pledge property of the Company as collateral for the loan including real estate and <br />water rights, and to execute a deed of trust to convey a security interest in said property <br />to the CWCB, and <br />4. to execute all documents as required by the loan contract, including, but not limited to, a <br />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, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO <br />THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />raVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 21st DAY OF February 2003. <br />(��AL) <br />AT7��fi`� ? <br />g ,�� ;' ��/ --� <br />Valeri� ody, Cor ra S cretary <br />� <br />Appendix 3a to Loan Contract C150089 <br />