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VI. The BORROWER has adopted a new Board of Directors Resolution, irrepealable for the term of this loan, in the increased loan amount, to establish and collect assessments sufficient to pay the annual loan payments, to pledge said assessments for repayment of the loan, and to pledge an undivided one hundred percent (100%) interest in the BOYD LAKE HIGH-LEVEL OUTLET PROJECT. Said resolution will be labeled APPENDIX E and is attached to this Amendment No.1. The BORROWER agrees to execute documents necessary to convey a security interest in said assessments and property to the CWCB. VII. THE SEVEN LAKES RESERVOIR COMPANY has adopted a new Board of Directors Resolution, irrepealable for the term of this loan, in the increased loan amount, pledging as COLLATERAL, The Seven Lakes Reservoir Company's undivided one hundred percent (100%) interest in the HORSESHOE HIGH-LEVEL OUTLET PROJECT. Said resolution will be labeled APPENDIX F and is attached to this Amendment No. 1.THE SEVEN LAKES RESERVOIR COMPANY agrees to execute an AMENDED DEED OF TRUST necessary to convey a security interest in said property to CWCB. VIII. Prior to the execution of this Amendment by the CWCB, the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that (1) the person(s) signing for the BORROWER was duly elected or appointed and has authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; (2) the BORROWER'S governing body has validly adopted a resolution approving this Amendment; (3)there are no provisions in the any state or local law that prevent this Amendment from binding the BORROWER; and (4) this Amendment will be valid and binding against the BORROWER if entered into by the CWCB_ 7) ORDER OF PRECEDENCE Except for the Special Provisions, in the event of any conflict, inconsistency, variance, or contradiction between the provisions of this AMENDMENT and any of the provisions of the ORIGINAL CONTRACT, the provisions of this AMENDMENT shall in all respects supersede, govern, and control. The most recent version of the Special Provisions incorporated into the ORIGINAL CONTRACT Or any amendment shall always control other provisions in the ORIGINAL CONTRACT or any amendments. 8) AVAILABLE FUNDS Financial obligations of the state payable after the current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, or otherwise made available. [THE REST OF THIS PAGE INTENTIONALLY LEFT BLANK] Amendment No. 1 Page 3 of 4