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• � <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF BIJOU IRRIGATION DISTRICT <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 November 20, 2008, to incur an increase in the <br />amount of indebtedness for an existing loan of up to $2,045,250.00 to be added to the previous <br />principal amount of $2,408,805.00, with a term of repayment of 30 years at 2.25% annual interest <br />rate, for the purpose of rehabilitating the Empire Reservoir East Embankment Dam; 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 the Empire Reservoir East Embankment Dam, subject to the District's <br />compliance with applicable 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 the Empire Reservoir East Embankment Dam with funds obtained from the <br />CWCB according to the terms of the loan commitment. <br />NOW THEREFORE, be it resolved by the District as follows: <br />1. THE Board of the District hereby authorizes and directs the President, Larry J. <br />Krening, and the Secretary, Denice M. Wagner, to execute and deliver on behalf <br />of the District a Loan Contract Amendment, Revised Promissory Note, and such <br />other documents referenced in the loan increase commitment and required to <br />obtain the increase in the existing CWCB loan. <br />2. This resolution was authorized by the Board at a Special Meeting held on <br />November 24, 2008 and will remain in effect until termination and defeasance of <br />the CWCB loan. <br />CERTIFICATION <br />THE UNDERSICNED, THE PRESIDENT AND THE SECRETARY, HEREBY CERTIFY THAT <br />THE FOREGOINC 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 OR RESCINDED. <br />GIVEN UNDER OUR HAND AND THE SEAL OF THE DISTRICT THE 24"� DAY OF <br />N(�VL'I1BER, 2008. <br />�� <br />�� ' ; � �.�� SEAI., ) <br />_. <br />, <br />B �� �. <br />r J. Krening, esident <br />A ST�'�� <br />� � <br />$y 1 <br />Denice M. Wagner, Secretary <br />APPENDIX A <br />