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RESOLUTION <br />BE IT RESOLVED by Manuel Pineda, Duane Aranci, Dennis Marsh, <br />Dorothy Schild and Dennis Bode, as all of the Board of Directors of <br />The North Poudre Irrigation Company, as follows: <br />1. That the President and Secretary of The North Poudre <br />Irrigation Company have authority to enter into a contract with the <br />Department of Natural Resources, Colorado Water Conservation Board <br />of the State of Colorado for the improvement of Reservoirs Nos. 5 <br />and 6. <br />2. The President and Secretary or Manager of The North <br />Poudre Irrigation Company are authorized to give a Deed as a <br />security interest required by the State of Colorado in accordance <br />with the contractual requirement that a Deed of Trust be given <br />within thirty (30) days from the substan-tial completion of the <br />project and which will convey to the State of Colorado an undivided <br />one hundred percent (100%) of the following: <br />The North Poudre Irrigation Company Reservoirs 5 and 6, all <br />appurtenant structures thereto, and all lands on which these <br />reservoirs lie. <br />3. North Poudre is further specifically authorized to borrow <br />the principal sum of One Million Eight Hundred Thousand Dollars <br />($1,800,000), and North Poudre shall make and levy assessments <br />sufficient to pay off the contract loan pursuant to its terms and <br />discharge the lawful indebtedness with the Department of Natural <br />Resources, Colorado Water Conservation Board, State of Colorado, <br />and, if required, North Poudre shall set aside the assessment <br />revenue allocated to this project in a special fund separate and <br />apart from other contract or revenues to assure repayment of this <br />revenue to the State of Colorado. <br />Exhibit "A" <br />