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<br />RESOLUTIONS OF THE STOCKHOLDERS <br />OF THE GLENWOOD IRRIGATION COMPANY <br /> <br />The Stockholders of The Glenwood Irrigation Company (Company), at a meeting held <br />N<.\."r€.me~ p'. , 2002, at Glenwood Springs, Colorado, adopted the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Soard (eWCS), for <br />the purpose of rehabilitation of the Glenwood Ditch siphon, in the amount of $386,000 or such <br />actual amount, more or less, as may be needed by the Company and available from the CWCS, <br /> <br />At said meeting, the Stockholders charged that these resolutions are irrepealable during <br />the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors <br />and officers, RESOLVED as follows: . <br /> <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 $386,000, or sucl1actual amount, more or less, as needed <br />by the Company for the Project and available from the cwes, and <br /> <br />2, To levy and collect assessments from the Stockholders in an amount sufficient to pay the <br />annual amounts due under the loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and <br /> <br />3. To place said pledged revenues in a special account separate and apart from other COMPANY. <br />revenues, and <br /> <br />4, To make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br /> <br />5. To execute a deed of trust to convey a security interest to the ewcs in the siphon owned by <br />the Company, and <br /> <br />6, To execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br /> <br />7, To take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNOERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />. THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HelD AS ;.sOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED, <br /> <br />GNEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ~~ DA.Y OF <<.r E.~ iO~02. <br /> <br />By <br /> <br /> <br />(SEAL) <br /> <br /> <br />Appendix 3a to Loan Contract No. C150106 <br />