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• � RESOLUTION OF THE BOARD OF DIRECTORS OF BIJOU IRRIGATION DISTRICT WHEREAS, the Bijou Irrigation District (District), in Morgan and Weld Counties, Colorado, is an Irrigation District organized under the Irrigation District Law of 1905 (C.R.S. 37-41-101 to — 160), duly organized under the constitution and laws of the State of Colorado; and WHEREAS, the District was authorized, pursuant to a special election of the qualified electors of the District, duly called and held on February 26, 2008, to incur indebtedness in the aggregate principal amount of $2,408,850, with a term of repayment of 30 years at 2.25% annual interest rate, for the purpose of rehabilitating Empire Reservoir; and WHEREAS, the Department of Natural Resources, Colorado Water Conservation Board ("CWCB") has issued its loan commitment to finance a loan to the District to rehabilitate Empire Reservoir, subject to the District's compliance with applicable statutes regarding the authorization to incur debt; and WHEREAS, the Board of the District has determined that it is in the best interest of the District to rehabilitate Empire Reservoir with funds obtained from the CWCB according to the terms of the loan commitment. NOW THEREFORE, be it resolved by the District as follows: 1. THE Board of the District hereby authorizes and directs the President, Donald Neb, and the Secretary, Denice Wagner, to execute and deliver on behalf of the District a Loan Contract, Promissory Note, Pledge of Revenues and such other documents referenced in the loan commitment and required to obtain the CWCB loan. 2. THE Board of the District further authorizes the District to levy and collect assessments from the District's members in an amount sufficient to pay the annual amounts due under the Loan Contract, and to pledge assessment revenues and the District's right to receive said revenues for repayment of the loan. 3. This resolution was authorized by the Board at its regular meeting held on March 3, 2008 and will remain in effect until termination and defeasance of the CWCB loan. CERTIFICATION THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED AND THAT SAID RESOLUTIONS HAVE NOT BEEN Rf�IIENDED OR RESCINDED. ;�'iIVEN UNDEF� 0_UR HANDS AND THE SEAL OF THE DISTRICT THE � DAY OF ' _ 2008. ,. . ; •� r �' `�� ,..�t � :' ,, BY� � '� "'�� `�� Donald Neb, resident �n,q �, ST��' BY� q 4 '�� ,�� Denice Wagner, Secr tary Appendix 3 to Loan Contract C150259 Page 1 of 1