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Topic: Approval of the Colorado Water Conservation Board (CWCB) loan grant <br />Discussion/Background <br />The Company applied for a loan to assist with improvements/repairs in the Orlando system and <br />the HCIC system. Specifically funds will be used to bring the Cucharas Reservoir #5 into State <br />of Colorado State Engineers Office into safety compliance; replace the Orlando Reservoir outlet, <br />and rehabilitate the Orlando Canal No. 3 headgate. CWCB is granting to the Company very <br />favorable loan terms: 1 % origination fee, 20 year amortization, 2.5% fixed interest rate. <br />Resolved: <br />RESOLVED as follows. <br />I. 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 $1,184,882, or such actual amount, more <br />or less, as needed to finance the project costs, including the CWCB loan origination fee <br />of 1 %, and <br />2. to pledge revenues derived from crop production and the Company's right to receive said <br />revenues for repayment of the loan, and <br />I to place said pledged revenues in a special account separate and apart from other <br />Company revenues, and <br />4. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br />` 5. to pledge a first position lien in the Company's water rights for the Orlando reservoir #2, <br />the Orlando Reservoir #2 itself, and 1,200 acres of irrigated farmland as collateral for the <br />loan and execute all documents, including a security agreement and deed of trust, <br />necessary to convey a security interest in said property to the CWCB, and <br />6. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />This resolution passed unanimously. <br />Topic: Approval of Jerred Hoffman to be a signatory on the Two Rivers Farms, LLC bank <br />account. <br />Discumion/Background <br />To ease with incidental purchases of materials and supplies that Two Rivers Farms need to conduct <br />business, management is requesting that Jerred Hoffman, senior farmer, be added to the Two Rivers <br />Farms, LLC account in order to issue him a debit card. A daily limit, in amount judged proper by <br />management, will be set on this debit card. <br />Resolved: To approve Jeered Hoffman to be a signatory on the Two Rivers Farms, LLC bank account. <br />