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<br />. <br /> <br />. <br /> <br />RESOLUTIONS OF THE STOCKHOLDERS OF <br />THE FORT MORGAN RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Stockholders of The Fort Morgan Reservoir and Irrigation Company (Company), at a <br />Stockholders' meeting held January 22, 2000, Fort Morgan, Colorado, adopted the following <br />resolutions concerning a loan to Jhe Jackson Lake Reservoir and Irrigation Company in the <br />amount of up to $336,600, not to exceed 90% of actual costs, from the State of Colorado <br />Water Conservation Soard (CWCS), for the ,purpose of rehabilitation of the Jackson Lake <br />Reservoir and Irrigation 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, on behalf of the Company in its capacity as a stockholder of the Jackson Lake <br />Reservoir and Irrigation Company, as follows: <br /> <br />1. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to enter into <br />and comply with the terms of a contract with the Colorado Water Conservation Board for a <br />loan in the amount of up to $336,600, and <br /> <br />2. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to levy and <br />collect assessments from its stockholders in an amount sufficient to pay the annual amounts <br />due under the Loan Contract, and <br /> <br />3. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to pledge <br />certain real property and accounts of the Jackson Lake Reservoir and Irrigation Company <br />as collateral for the loan, <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNEO, RESPECTIVELY, THE PRESIOENT 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 DULY CALLED AND HELD AS ABOVE RECITEO, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAIO RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINOED. <br /> <br />GIVEN UNOER OUR HANOS AND THE SEAL OF THE COMPANY THE S"b OA Y OF FEBRUARY 2000. <br /> <br />(S EAL) <br /> <br />Byd!tJ/U/) Aiie diu <br />( Pr dent <br /> <br /> <br />By <br />