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<br />. <br />',. <br /> <br />Security Interest wherein the State of Colorado acting <br />through the Colorado Water Conservation Board is set forth <br />as the grantee conveying to the State of Colorado all the <br />legal and equitable interest which Terrace Irrigation <br />Company has acquired or will acquire in either the new <br />proposed rights-of-way or the existing rights-of-way. <br /> <br />In adopting this resolution the shareholders <br />acknowledge that paragraph 18 I of the document designated <br />as "Project Contract and Promissory Note" imposes an <br />obligation on the State of Colorado to reconvey the property <br />to the Terrace Irrigation Company upon full repayment of the <br />loan amount and the accrued interest. <br /> <br />ADOPTED THIS 21st day of November, 1991, by a majority <br />of the stockholders of the Terrace Irrigation Company at <br />which a quorum was present. <br /> <br />y~ ~;d. <br />( . ~'> ..' >~> .--Y- <br />Roy Reinhardt, President <br /> <br /> <br />A L ) <br /> <br />-2- <br />