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<br />9.25% interest; and that the Company's application to the Colorado Water <br />Conservation Board for a small project loan in the sum of $45,000.00, repayable over <br />a term of twenty years at 4% interest, in annually payments of $3,311.18 per year was <br />approved. In addition, the Treasurer informed the shareholders that there were two <br />remaining payments on the existing loan at the Farmers State Bank of Fort Morgan, <br />due June 30, 1996 and June 30, 1997. With two loan payments due in 1997, the <br />Treasurer informed the shareholders that it may be necessary for that one year to <br />increase assessments above the usual $3.00 per share. The Treasurer further <br />explained to the shareholders that the Company was required, pursuant to the terms <br />of the loan with the Water Conservation Board to pledge its assessments and its <br />revenues from the contract with Pioneer Irrigation Company to the repayment of <br />the indebtedness. The Treasurer and the President recommended to the <br />shareholders that the Water Conservation Board financing be approved. It was <br />moved, seconded, and, unanimously carried that the following Resolution be <br />adopted and approved: <br />