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RESOLUTION <br /> The Board of Directors of the New Cache La Poudre Irrigating <br /> Company, a mutual ditch and irrigation company created under and <br /> pursuant to the laws of the State of Colorado, at a meeting duly <br /> called and held for such purpose, adopted the following <br /> RESOLUTION, to wit: <br /> RESOLVED that the New Cache La Poudre Irrigating Company <br /> ("Company") is authorized to enter into a contract entitled <br /> "Project Contract and Promissory Note" , with the Department of <br /> Natural Resources (Colorado Water Conservation Board) , State of <br /> Colorado, a copy of which contract is attached hereto as <br /> Resolution Exhibit No. 1. <br /> Be it further RESOLVED that the Company shall make and levy <br /> assessments on its paid-up capital stock sufficient to fully pay <br /> the contract loan amount pursuant to the terms of the Project <br /> Contract and Promissory Note, and to discharge such lawful <br /> indebtedness. <br /> Be it further RESOLVED that the Company shall set aside the <br /> assessment revenues so generated in a special fund separate and <br /> apart from other Company revenues to assure repayment of this <br /> revenue to the State of Colorado. <br /> Be it further RESOLVED that the Company shall sign, through <br /> its President and Secretary, a security interest in such <br /> assessment revenues in favor of the State of Colorado to secure <br /> repayment of said indebtedness, as the State may require. <br /> President / <br /> STATE OF COLORADO <br /> ) ss. <br /> COUNTY OF WELD <br /> I, Kenton Brunner, as secretary of the New Cache La Poudre <br /> Irrigating Company, a corporation organized and existing under <br /> and by virtue of the laws of the State of Colorado, do hereby <br /> certify that the above and foregoing is a true, correct, and <br /> complete copy of the resolution passed at a special meeting of <br /> thZ/y irectors of said corporation du;,y called and held at <br /> n <br /> l e/d , on the 2 day of J cA ( , 1993, <br /> as recorded in the records of said New Cache La P6udre Irrigating <br /> Company. <br /> I further certify that I am the keeper of the papers, <br /> entries, records and seal of said Company. <br /> In testimony whereof, I have hereunto set my hand and <br /> affixed the cor or to seal •f said New Cache La Poudre Irrigating <br /> Company, this Zday of i , 1993 . <br /> A gv <br /> -cietary <br /> whb\newcache\resolut2 <br />