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<br /><-'J <br />l' , <br /> <br />RESOLUTIONS OF THE STOCKHOLDERS OF <br />THE JACKSON LAKE RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Stockholders of The Jackson Lake Reservoir and Irrigation Company (Company), at a <br />Stockholders' meeting held February 12, 2000, Fort Morgan, Colorado, adopted the following <br />resolutions concerning a loan in the amount of up to $336,600, not to exceed 90% of actual <br />costs, from the State of Colorado Water Conservation Board (State), for the purpose of <br />rehabilitation of the Company's diversion structure on the South Platte River. <br /> <br />At said meeting, the Stockholders charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and <br />officers 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 $336,600, 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 pledge certain real property and accounts of the Company as collateral for <br />the loan and execute documents necessary to convey a security interest in said real property <br />and accounts to the CWCB, 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, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S SHAREHOLDERS OUL Y CALLED AND HELP AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDEO OR RESCINOED. <br /> <br />GIVEN UNOER OUR HANDS AND THE SEAL OF THE COMPANY THE l2-ih DAY OF FEBRUARY 2000. <br /> <br />(S EAL) <br /> <br />By ~u/:r::9/ <br /> <br />ATTEST: . . <br /> <br />By j{&\j-(, <br />Corporate Secreta <br /> <br /> <br />Appendix 1 a to Loan Contract C150043 <br />