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• <br />• <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF TRINCHERA IRRIGATION COMPANY <br />The Shareholders of Trinchera Irrigation Company (Company), at a Shareholders' meeting <br />held March S, 2011, at Bianca, Cobrado. adopted the following resolutions conceming a secured <br />loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />constructing the Garland #2 Canal Repairs Project in the amourrt of $251,793 or such actual <br />amourrt, mor�e or less, as may be needed by the Company a�d avaitab� from the CWCB including <br />the CWCB loan origination fee of 1°� of the loan amourrt. <br />At said meeting, the Shareholders charged that these resoludons are irrepealable during <br />the term of the loan and, pursuant to the Company's bylaws. authorized the Board of Directors <br />- and officers, RESOLVED as follows: <br />1. to er� into and comp�► with the terms of a c�oMract with the Cobrado Water Conservation <br />Board for a loan in the amourrt a� $251,793, or such actual amouM, more or less, as needed to <br />finance the project costs, including the CWCB loa� orig�ation fee of 1°r6, and <br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual <br />amourrts due under the Loan Cor�trad, and to pl�ge assessmerrt revenues and the Company's <br />right to receive said revenues fo� repaymerrt of the loan, and <br />3. to place said pledg�d revenues in a special acxourrt separate �d apart from othe� CoNwa�nr <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a det� service reserve fund, and <br />5. to pledge the Company's Gartarxi Ditch No. 2 water rights as collateral for the ban and execute <br />aN doatmer�ts, inc�ding a security agreement and deed of trust, necessary to convey a security <br />interest in said property to the CWCB, <br />6. ta execx�te all documents as required by the loan corrtract, including, but not limited to, a <br />Secwrity Agreement and a Promissory Note, and <br />7. to take such otlier ac�ions and to execute such �her dcxxunerrts as may be necessary to <br />consummate and implement � loan. <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT At� SECRETARY OF THE COiNPANY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEE7ING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE REClTED, PUF2SUANT <br />TO THE COMPANY'S BYLAWS, AND THAT SAIO RESOLUTIONS HAVE NQT SEEN MAENDED OR RESCII�ED. <br />fh <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE � DAY OF I"Y�A re � 2011 <br />(SEAL) <br />ATTEST� <br />By i3���e-� _ no-�-� <br />Robert E. Espinosa, Co ate Sea <br />B <br />T S. Kester, Presider�t <br />Appendix 3a to Loan Contract C150316 <br />