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MONTEZUMA VALLEY IRRIGATION COMPANY <br />RESOLUTIONS OF THE CORPORATE BOARD OF DIRECTORS <br />HERE FOLLOWS the Resolution adopted at the regularly scheduled meeting of <br />the Board of Directors of the Montezuma Valley Irrigation Company held on June 12, 2012. <br />RECITATIONS <br />Upon Motion duly made and seconded it was resolved that: <br />WHEREAS the Montezuma Valley Irrigation Company ( "MVIC" or the <br />"Company ") is required by Colorado statutory law, its Articles of Incorporation, and its By -Laws <br />to deliver water to its shareholders and maintain its water infrastructure in good condition; <br />WHEREAS the water delivery infrastructure owned and maintained by MVIC <br />requires constant maintenance, and periodic repair and modifications in order to efficiently and <br />effectively deliver water to its Shareholders, and MVIC is unable to fund said maintenance, <br />repairs, and modifications from its existing revenues; <br />WHEREAS the Colorado Water Conservation Board ( "CWCB ") provides low - <br />interest loans to agricultural, municipal, and commercial borrowers for the maintenance, repair, <br />and modifications of water infrastructure in Colorado; <br />WHEREAS MVIC previously received a loan from the CWCB pursuant to a Loan <br />Contract dated December 7, 2007 in the principle amount of two million, nine hundred fifty <br />thousand, twenty-seven dollars ($2,950,027.00) for the purpose of the construction of the May <br />Lateral Pipeline Project, and the proceeds of this loan have been fully used and dispersed for <br />their designated purpose; and <br />WHEREAS MVIC desires to receive and utilize additional funds from the CWCB <br />in the form of a second loan in the principle amount of Three Hundred Thirty Nine Thousand Six <br />Hundred and Three Dollars ($339,603.00) to be used to maintain, repair, and/or modify its water <br />delivery infrastructure. <br />RESOLUTION <br />BY MOTION, BE IT RESOLVED that the President of the Company, or his <br />successors in office, or any of them and the Secretary of the Company, or his successors in <br />office, or any of them be and are hereby is authorized for, on behalf of, and in the name of the <br />Company to: <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of Three Hundred Thirty Nine Thousand Six Hundred and <br />Three Dollars ($339,603.00), or such actual amount, more or less, as needed to finance the <br />MVIC —Gen Rep <br />Resolution Re 2012 Loan from CWCB <br />March 27, 2012 <br />Appendix 3a to Loan Contract C150333 <br />Page 1 of 3 <br />