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. . RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE JACKSON LAKE RESERVOIR AND IRRIGATION COMPANY The Board of Directors of the Jackson Lake Reservoir and Irrigation Company (Company), at a meeting held Februal)' 10, 2001, at Fort Morgan, Colorado, adopted the following resolutions conceming a loan in the amount of up to $1,000,000, from the State of Colorado Water Conservation Board (ewe B) or such actual amount, more or less, as may be needed by the Company and available from the CWCB for up to 75% of the actual project costs, for the purpose of repair of the upstream face of the Jackson Lake Reservoir Dam. At said meeting, the Board charged that these resolutions are irrepealable during the tenn of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate SecretaI)' as follows. 1. RESOLVED, to enter Into and comply with the terms of a contract With the Colorado Water Conservation Board for a loan in the amount of $1,000,000, or such actual amount, more or less, as needed 10 finance up to 75% of the project costs, and 2. RESOLVED, to levy and collect assessments from the shareholders in an amount $ufflclent to pay the annual amounts due under the Loan Contracl, and to pledge assess~ent revenues and the Company's right to receive said mvenues for repayment of the loan, and 3. ReSOLVED, to place said pledged revenues in a special account separate and apart from otherCOMPANY revenues, and 4. RESOLVED, to make the annual payments required by the promissory nota and to make annual deposits to a debt service leserva fund, end 5. RESOLVED, to pledge certain property of the Company as COllateral for the loan and execute documents necessary to convey a security in!emst in said property to the ewcs, and 6. ReSOLVED, to execute all documents as required by the loan contract, Including, but not limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and 7. RESOLVED, to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. CERTIFICATION THE UNDERSIGNED, n-tE PRESIDENT ANo 11-11: CORPORATE SeCRETARY, RESPECTIVELY, HEREBY CERTIFY THAT n-tE FOREGOING ARE mUE AND CORRECT COPIES OF RESOLUT1QNS OULY ADOPTED AT A MEETING OF lHE COMPANy's BOARD OF DIRECTORS DULY CJ\l.I.ED AND HEW AS NJOVE RECITED, PURSUANT TO n-tE COMPANY'S BYLAWS, AND THAT SAID RE$OI.UT1ONS HAVE NOT BEEN AMENDED OR RESCINOfO. GIVEN UNDER OUR HANDS AND 'lliE SEAl Or:rHE COMPANY'lliE 1 O"'DAY OF FESRVARv2001 (SEAL) BY~<Z~/ r*___ President ATTES~ tv.. By 13 ~',(/l Corporate Secretary