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RESOLUTION <br />SOUTH SAN JOAQUIN IRRIGATION DISTRICT <br />Be it resolved that the following resolution by the SOUTH SAN JOAQUIN <br />IRRIGATION DISTRICT Board of Directors is prepared to be acceptable to STATE <br />FUND as collateral for a Deferred Premium Plan Promissory Note subject to <br />Special Rule V, as amended, and to applicable Government codes, <br />Therefore the SOUTH SAN JOAQUIN IRRIGATION DISTRICT Board of Directors <br />Authorized issuance of a Promissory Note for Workers' Compensation <br />insurance premium for the policy period July 1, 1987 to July 1, 1988. <br />Pledges agency moneys for payment of the Note and the interest thereon. <br />— Specifies that General Fund money is pledged for this purpose. <br />Specifies that the amount of the obligation is $38,5 0.00 plus <br />interest thereon per the terms of. the Note. <br />Designates STATE FUND as the Beneficiary of the pledged moneys. <br />Passed and Adopted by the members of the SOUTH SAN JOAQUIN IRRIGATION <br />DISTRICT Board of Directors with a vote of <br />5 ayes, 0 noes, 0 absent and si ned b <br />attested by <br />'thes this 28th da of Y the President and <br />_ Y Jul—vim <br />Q <br />Aesid4eZ <br />, Nick DeGroot <br />Secretary, Barrett Kehl <br />