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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE LARIMER AND WELD IRRIGATION COMPANY <br /> <br />The El-oard of Directors of The Larimer and Weld Irrigation Company (Company), a meeting <br />held :;j-"",.,b'-( , 20o:l, at Eaton, Colorado, adopted the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Soard (CWCB), for <br />the purpose of rehabilitation of ten existing check structures and construction of an additional <br />check structure, in the amount of $1,000,000 or such actual amount, more or less, as may be <br />needed by the Company and available from the CWCB. <br />At said meeting, the Soard 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, RESOLVED as follows. <br />1. to enter into and comply with the terms of a contract with the eolorado Water Conservation <br />Soard for a loan in the amount of $1,000,000, or such actual amount, more or less, as <br />needed to finance the project costs, and <br />2. to levy and collect assessments from the shareholders 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 />3. to place said pledged revenues in a special account separate and apart from other <br />COMPANvrevenues, and <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 />5. to execute a deed of trust to convey a security interest to the CWCB in the Company's <br />eleven check structures rehabilitated or constructed with the CWeB loan, and <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 />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE eORPORATE SECRETARY, RESPECTIVELY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CAlLED AND HELD AS ABOVE RECITED, <br />PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br />RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE / DAYQF lJ....4.!...... 20~. <br /> <br />By <br /> <br /> <br />(S EAL) <br /> <br /> <br />Appendix 3b to Loan Contract C1501 09 <br />