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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />CORPORATE RESOLUTION <br /> <br />RESOLVED: That the Officers are hereby authorized and <br />directed to proceed with the necessary steps for securing a loan <br />from the Colorado Conservation Board for the purposes of the <br />improvement and reconstruction of Douglas Dam. The officers are <br />authorized to borrow sufficient funds to complete this <br />construction project up to the initial estimated cost of $650,000. <br /> <br />will <br />form <br />when <br /> <br />FURTHER RESOLVED: That the costs of financing this project <br />be past through to the shareholders of the company in the <br />of additional assessments, the exact amount to be determined <br />the financing package and costs of the project have been set. <br /> <br />Dated this ~ day of December, 1990. <br /> <br /> <br />~ <br />_reta;;~r <br /> <br />(Seal) <br />