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<br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />RESOLUTION OF THE STOCKHOLDERS <br />OF TIlE OWL CREEK SUPPLY AND IRRIGATION COMP A;'iY <br /> <br />The Stockholders of the Owl Creek Supply and Irrigation Company (Company), at a Stockholdcf5' <br />meeting held December 4, 1999, at Eaton. Colorado, adopted the following resolutions concerning a loan <br />in the amount of up to $450,000 from the State of Colorado Water Conservation Board (State), for the <br />purpose of rehabilitation of the Owl Creek ditch. <br /> <br />At said meeting, the Stockholders charged that these resolutions ace irrepeaJable during the tenn of the <br />loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers as follows; <br /> <br />1. RESOLVED, to entcr 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 $450,000, and <br /> <br />2. RESOLVED, to levy and collect assessments from the Stockholders in an amount sufficient <br />10 pay the annual amounts due under the Loan Contract, and to pledge assessment re....enues <br />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 dept service reserve fund, and <br /> <br />5. RESOLVED, to pledge certain property of the Company as collateral for the loan and <br />execute documents necessary to convey a security interest in said property to the eWeB, and <br /> <br />6. RESOL YED, 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 />mE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF TIlE COMPANY, f1EREBY <br />CERTIFY TIfA T THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S STOCKHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUA~ <br />TO THE COMPANY'S BYLA WS, AND THA T SAID RESOLUTIONS HA VE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF HI <br /> <br />HE <br /> <br />DA <br /> <br /> <br /> <br />eve Cecil, Presi t <br /> <br />(SEAL) <br /> <br />By: <br /> <br /> <br />ATI' <br />