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<br />(":'~ <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS OF <br />THE JACKSON LAKE RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Board of Directors of The Jackson Lake Reservoir and Irrigation Company (Company). <br />at a meeting held February 'J..6',1.Z2000. at 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 />construction costs, from the State of Colorado Water Conservation Board (CWCB), for the <br />purpose of rehabilitation of the Company's diversion structure on the South Platte River. <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 $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 account 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, THE PRESIOENT 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 SAIO RESOLUTIONS HAVE NOT BEEN AMENDEO OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE \ 21):, DAY OF FEBRUARY 2000. <br /> <br />(S EAL) <br /> <br />By ~~/~~/ <br />Presid t <br /> <br /> <br />By <br /> <br />Appendix 1 b to Loan Contract C150043 <br />