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<br />Color""" W."/ji <br />eo.--"". tioarli <br /> <br />The Board of Directors of the Sterling Irrigation Company (Company), at a meeting held <br />February 13, 1999, at Sterling, Colorado, adopted the following resolutions concerning a <br />loan in the amount of up to $318,583, not to exceed 90% of actual construction costs, from <br />the State of Colorado Water Conservation Board (CWCB), for the purpose of rehabilitation of <br />the company's diversion and headgate structures of the Sterling No.1 Ditch on the South Platte <br />River, <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE STERLING IRRIGATION COMPANY <br /> <br />RECEIVED <br />NOV C 9 1999 <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary as follows. <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of up to $318,583, and <br /> <br />2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient <br />to pay the annual amounts due under the Loan Contract, and to pledge assessment <br />revenues and the Company's right to receive said revenues for repayment of the loan, and <br /> <br />3. RESOLVED, to place said pledged revenues in a special account separate and apart from <br />other COMPANY revenues, and <br /> <br />4. RESOLVED, to make the annual payments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and <br /> <br />5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to <br />serve as collateral and to execute an Assignment of Certificate of Deposit, and <br /> <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, 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 ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCiNDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY TH/F FEBRUARY 1999. <br /> <br />BY/~~ <br /> <br />( SEA L ) , Kenneth Gareis, President <br /> <br />ATTEST: <br /> <br />BY~~ <br />Katherine Seetch, Corporate Secretary <br /> <br />Appendix 1 to Loan Contract C150024 <br />