BOARD00048

• Board Meeting Date: 5/11/1998
• Description: CF Section - Changes in Existing Projects - Beaver Reservoir Dam Rehabilitation
• Board Meetings - Doc Type: Memo

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MINNESOTA CANAL ~ RESERVOIR COMPANY

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CORPORATE RESOLUTION

RESOLVED: That the company is willing and abie to pay fur its ponion (9/16) of the
Beaver Reservoir repair project. The company officers are authorized to approve borrowing
of sufficient funds by the Beaver Reservoir Company to complete the work up to $415,000 of
which $233,437.50 is the responsibility of tile Minnesota Canal and Reservoir Company. The
estimated costs inl:ludes $343.000 for d31Tl repair, $42,000 for the feasibility study and
$30,000 lu refinance an existing FmHA loan.

FURTHER RESOLVED: That lhe costS of financing this project will be passed through
to the shareholders in the form of additional assessments.

Dated this 4'1 day of 11.;4(,) J f
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, 1995.

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ATTEST:

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