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<br />. <br /> <br />. <br /> <br />ReSOLUTIONS OF THE SHAReHOLDERS <br />OF THE JACKSON lAJ<E RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Shareholders of the Jackson Lake Reservoir and Irrigation Company (Company), at a <br />Shareholders' meeting held February 10. 2001, at Fort Morgan, Colorado, adopted the fOllowing <br />!tlsolutions concemlng a from the State of Colorado Water Conservation Board (eWeB), for the <br />purpose of repair of the upstream face of the Jackson Lake Reservoir Dam, In the amount of <br />$1,000,000 or such actual amount, more or less, as may be needed by the Company and available <br />from the CWCS for up to 75% of the actual project costs. <br /> <br />At said meeting, the Shareholders charged that these resolutions are irrepealable during the teon <br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers <br />as follows: <br /> <br />1. RESOLVED, to enter into and comply with the teons of a contract wtlh the Colorado Water <br />Conservation Board for a Joan in the amount of $1,000,000, or such actual amount, more or <br />less, as needed to finance up to 75% of the project costs, and <br /> <br />2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient to <br />pay the annuel amounts due under the Loan Contract, and to pledge assessment reVenues <br />and the Company's right to receive said revenues for repayment of the loan, and <br /> <br />3, RESOLVED, to place said pledged revenUElS 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 <;ertaln property of the Company as collateral for the loan and execute <br />documents necessary to convey a security interest In said property to the cwes, 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 />F'romlssory Note, and <br /> <br />7. RESOLVEO, to take such other actions and to execute such other documents as may be <br />nece888ry to consummate and implement the loan. <br /> <br />CERTlFfCA1l0N <br /> <br />THE UNDERSIGNEO, RESPECTIVE:LY, THE PRESIDE.NT AND SECRETARY OF THE COMPANY, HERESY CERTIFY THAT <br />THE FOREGOING ARE TRUE ANO CORRECT COPIES OF RESOLUTIONS OUlY ADOPTED AT A MEETING OF THE <br />COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GNEN UNDER OUR HANDS AND lliE SEAL OF lliE COMPANY "tilE 10THDAY OF FE/lRUARY2001. <br /> <br />(SEAL) By a-~{~/ .;;(~h? <br />President <br /> <br />:~j~ &.L, '1f' <br /> <br />Corporat& Secreta <br /> <br />Appendix 3 to Loan Contract C150063 <br />