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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 <br /> c€`a. 1(, , 2013, at Lc.,omeAcr, Colorado, adopted the following resolutions concerning a secured loan from the <br /> State of Colorado Water Conservation Board (CWCB), for the purpose of construction of Tracy Lateral Pipeline <br /> at the Wederquist "Y" Project in the amount of $159,075 or such actual amount, more or less, as may be <br /> needed by the Company and available from the CWCB including the CWCB loan origination fee of 1% of the <br /> loan amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan <br /> and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as <br /> follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan <br /> in the amount of $159,075, or such actual amount, more or less, as needed to finance the project costs, <br /> including the CWCB loan origination fee of 1%, 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 by THE LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE, SECURITY AGREEMENT, and DEED OF TRUST necessary to convey a security interest in said property to <br /> 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 /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE his DAY OF �t821/4114 ay 2013. <br /> (S E A L) 40.(Aki <br /> By I 41A Ili/CA/— <br /> Signature <br /> ATTEST: <br /> NAME: in IA cO - 61.% Jt%icIL <br /> By . ---J Q TITLE: "? E S 17 Li Art- <br /> Signature of Corporate Secretary DATE: RGz--) Ky )L Zot3 <br /> DATE: C v O►GI-'Y 16. 2'713 <br /> Appendix 3b to Loan Contract C150357 <br /> Page 1 of 1 <br />