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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF BOULDER & LEFT HAND IRRIGATION COMPANY <br /> The Board of Directors of Boulder & Left Hand Irrigation Company (Company), at a meeting held NA/3), <br /> 2014, at LaAlternakii, Colorado, approved a modification to a loan from the Colorado Water Conservation Board <br /> (CWCB), authorizing the form and execution of a loan contract amendment and the appendices thereto; pledging <br /> certain funds as security for the repayment of amounts specified in the Loan Contract Amendment No. 1. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, <br /> pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract #C150357 with the Colorado Water Conservation Board, increasing <br /> the loan contract amount from $159,075 to $202,000, and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due <br /> under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive said <br /> revenues for repayment of the loan, and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund, and <br /> 5. to pledge, as COLLATERAL, for the loan the Company's, assessment revenues and an undivided one hundred <br /> percent (100%) interest in the PROJECT which includes a new diversion structure and high density <br /> polyethylene (HDPE) plastic piping running from the new diversion structure to the 79th Street crossing, and <br /> 6. to execute all documents as required, including the Loan Contract Amendment No. 1 and all Amendment <br /> Appendices, including but not limited to, the Amended Promissory Note, Amended Security Agreement, and <br /> Amended Deed of Trust necessary to convey a security interest in said property to the CWCB, and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE <br /> TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF <br /> DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> s1- <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 31 DAY OF I 1 041 2014. <br /> (SEAL) By 'y J )iUv 'y -_-_- <br /> Signature <br /> ATTEST: <br /> NAME: ot-j�J 1�6z-gNriv ct <br /> By �`C= TITLE: 962.t:5 g e,�al <br /> Signature ofJCorporate Secretary DATE: SJ 31 1 s•-\DATE: S/,3( 1/ <br /> Appendix D to Loan Contract C150357 <br /> Page 1 of 1 <br />