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<br />RESOLUTIONS OF THE MANAGERS <br /> <br />OF THE G.M.S. LAND AND CATTLE COMPANY <br /> <br />The Managers of the G.M,S. Land and Cattle Company (Company), at a meeting <br />held / ?~"'<.. h , 2003 at Cheyenne, Wyoming, adopted the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Board (CWCS), <br />for the purpose of rehabilitation of the Giffin #1 and #2 Reservoirs, in the amount of <br />$200,000 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB. <br /> <br />At said meeting, the Managers charged that these resolutions are irrepealable <br />during the term of the loan and authorized the following: <br /> <br />1. 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 $200,000, or such actual amount, more <br />or less, as needed to finance the project costs, and <br /> <br />2, to make the annual payments required by the promissory note, and <br /> <br />3, to pledge certain property of the Company as collateral for the loan consisting of 320 <br />acres (more or less) located in the West half of Section 18, Township 10 North, Range <br />66 West of the 6th P.M., Weld County, Colorado and execute a deed of trust or any other <br />document(s) needed to convey a security interest in said property to the CWCB, and <br /> <br />4. to execute all documents as required by the loan contract, including, but not limited to, a <br />Promissory Note, and <br /> <br />5. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED MANAGERS OF THE COMPANY, HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND <br />CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S MANAGERS AND <br />THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS THE / ~ n. DAY OF MARCH 2003. <br /> <br />G.M.S. Land and Cattle Company, a Colorado <br />limited liability company <br /> <br /> <br />By <br /> <br />c.- <br />arnes T. Ma in, Manager <br /> <br />~.4J~ <br /> <br />~ M.'J. Gertsch, Manager <br /> <br />By <br /> <br />Appendix 3 to Loan Contract C150132 <br />