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The Board next considered two dispositions of real estate consisting of the <br />• sale of the Corporation's closed Sunnyhill Underground Mine in Perry County, <br />Ohio, and closed River King Pit 2 (Freeburg) Underground Mine in St. Clair <br />County, Illinois. Mr. Joest reported that both mines were closed but had remaining <br />reclamation obligations. In each case the respective buyer had agreed to assume <br />the Corporation's reclamation obligations and to secure the release of the <br />Corporation's reclamation bonds as part of the purchase. The Board members <br />reviewed the financial terms of the sales. On motion of Mr. Walcott, seconded by <br />Mr. Whiting, the following resolution was unanimously approved: <br />RESOLVED that the execution for and in behalf of the <br />Corporation by its President of the following described <br />agreements and instruments is hereby ratified and confirmed: <br />- Contract To Sell Real Estate dated June 11, 1998, <br />between Peabody Coal Company, a Delaware <br />corporation, and Tri-State Reclamation, Ltd., an Ohio <br />Limited Liability Company <br />- Contract To Sell Real Estate dated August 25, 1998 <br />between Peabody Coal Company, a Delaware <br />corporation, and James E. Marlen, Ronald J. Reusing <br />. and Darrel W. Eggemeyer <br />AND FURTHER RESOLVED that the President or any Vice <br />President of the corporation is hereby authorized to execute on <br />behalf of the corporation any deeds or other instruments <br />necessary to consummate the land sale transactions described <br />above. <br />The final item of business to come before the Board was the approval of a <br />proposed like-kind exchange of real property with Peabody Development <br />Company. Mr. Joest explained that Peabody Development Company owned <br />surface estates in land located near the Corporation's Gibraltar Mine in <br />Muhlenberg County, Kentucky, which contained deposits of coal refuse required <br />for a business transaction in which the Corporation was engaged with PC <br />Kentucky Synthetic Fuels No. 3, LLC. Peabody Development Company offered to <br />trade this land for surface estates in land owned by the Corporation in Edgar <br />County, Illinois, commonly known as the "Scottland Area." The Board reviewed <br />information concerning the proposed transaction and the appraised values of the <br />lands involved. On motion of Mr. Walcott, seconded by Mr. Whiting, the following <br />resolution was unanimously approved: <br /> <br />L?DATAl10E5T\10]098~ 1.DOL <br />