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UNANIMOUS CONSENT RESOLUTIONS OF THE DIRECTORS OF <br /> LARIMER& WELD IRRIGATION COMPANY, <br /> A COLORADO MUTUAL DITCH COMPANY <br /> AND NON-PROFIT CORPORATION <br /> The undersigned, being all of the Directors of the Larimer & Weld Irrigation <br /> Company, a Colorado Mutual Ditch Company and nonprofit corporation ("the <br /> Company"), hereby unanimously consent that the following actions be taken, as <br /> authorized by the laws of the State of Colorado. <br /> RESOLVED, that the Directors approve the loan from the Colorado Water <br /> Conservation Board (CWCB) to fund the proposed Poudre River Dam and Offiake <br /> Project for Larimer & Weld Irrigation Company in an amount not to exceed <br /> $1,000,000.00 and to pledge assets of Larimer & Weld Irrigation Company as collateral <br /> to secure said loan with CWCB as required. The loan term shall be 30 years at the <br /> prevailing interest rate as of the date of Closing, not to exceed 2.5% per annum. The <br /> officers of the Company are authorized to apply for and close this loan. <br /> As collateral to secure this loan, the Company agrees to pledge its annual <br /> assessment revenues in an amount sufficient to cover the annual loan payment. <br /> The officers of the Company are authorized and directed to execute and deliver <br /> Loan Agreements, a Promissory Note, any other loan documents as may be reasonably <br /> necessary or required in order to close this CWCB loan, according to the terms and <br /> conditions as set forth in the Feasibility Study dated July 10, 2016. <br /> The officers of the Company are authorized to establish a separate Reserve <br /> Account as required by CWCB as a part of the loan process. This Reserve Account will <br /> be for the purpose of accumulating 10% of the annual payments due on the loan each <br /> year for the first ten years of the loan. This Reserve Account is to be established at <br /> Farmers Bank in Ault, Colorado. <br /> „t <br /> Adopted this 3 day of E� , 2016. <br /> Larimer& Weld Irrigation Company <br /> ` <br /> BY �\������ By: �J — <br /> Lynn . .erI ., P► , . - t Ron Kreps <br /> BY o BY: <br /> Gar to th, Vice President Russell D. Lef er <br /> BY: _ / �l / C <br /> en Knieve �I)aniel Haythorfi <br /> APPENDIX 4B <br />