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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF THE GREELEY & LOVELAND IRRIGATION COMPANY <br /> The Shareholders of the Greeley and Loveland Irrigation Company (COMPANY), at a Shareholders' <br /> meeting held January 19, 1998, at Greeley, Colorado, adopted the following resolutions <br /> concerning a loan in the amount of $308,000 from the State of Colorado Water Conservation <br /> Board (STATE), for the purpose of improvements to the Company's Equalizer Dam and appurtenant <br /> structures in Larimer County. At said meeting, the Shareholders charged that these resolutions are <br /> irrepealable during the term of the loan and, pursuant to the Company's bylaws, authorized the <br /> Board of Directors and officers as follows: <br /> 1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br /> Conservation Board for a loan in the amount of$308,000, and <br /> 2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient to <br /> pay the annual amounts due under the Loan Contract, and to pledge assessment revenues and <br /> the Company's right to receive said revenues for repayment of the loan, and <br /> 3. RESOLVED, to place said pledged revenues in a special account separate and apart from other <br /> COMPANY revenues, and <br /> 4. RESOLVED, to make the annual payments required by the promissory note and to make annual <br /> deposits to a debt service reserve fund, and <br /> 5. RESOLVED, to execute a deed of trust to convey a security interest to the CWCB in certain <br /> property owned by the Company equal in value to the full amount of the loan, and <br /> 6. RESOLVED, to execute all documents as required by the loan contract, including, but not limited <br /> to, a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, <br /> and <br /> 7. RESOLVED, to take such other actions and to execute such other documents as may be <br /> necessary to consummate and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT <br /> THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, <br /> AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE /001DAY OF JANUARY 1998. <br /> '- ' <br /> ( SEAL ) :% <br /> David Bernhardt, President <br /> ATTEST: r <br /> Ronald . rinkman, Corporate Secretary <br /> 71.2 <br /> Tq 141 L <br /> Appendix 1(a) to Loan Contract C153835 <br />