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Exhibit
10.24




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PageARTICLE I DESCRIPTION OF THE PURPOSE OF THE BONDS AND THE PROJECT
    
    
    2Section 1.1. Purpose of the Bonds
    
    
    2Section 1.2. Description of Project
    
    
    2Section 1.3. Acquisition, Construction and Equipping of the Project
    
    
    2Section 1.4. No Replacement Proceeds, Sinking or Pledged Funds
    
    
    2Section 1.5. Investment of Bond Proceeds
    
    
    3Section 1.6. Hedges
    
    
    3Section 1.7. Reimbursement
    
    
    3Section 1.8. No Excess Proceeds
    
    
    4Section 1.9. Representations of the Borrower
    
    
    4Section 1.10 Representations of the Issuer
    
    
    6ARTICLE II USE OF PROCEEDS; DESCRIPTION OF FUNDS
    
    
    6Section 2.1. Use of Proceeds; Funds Established
    
    
    6Section 2.2. Purpose of Bond Fund
    
    
    7Section 2.3. Rebate Fund
    
    
    7ARTICLE III COMPLIANCE WITH SECTION 148(f) OF THE CODE;PERMITTED INVESTMENTS
    
    
    7Section 3.1. Compliance with Section 148(f) of the Code
    
    
    8Section 3.2. Records
    
    
    8Section 3.3. Permitted Investments; Certificates of Deposit and Investment Agreements
    
    
    8Section 3.4. Debt Service under the Loan Agreement
    
    
    9ARTICLE IV YIELD AND YIELD LIMITATIONS
    
    
    10Section 4.1. Issue Price
    
    
    10Section 4.2. Yield Limits
    
    
    10Section 4.3. Continuing Nature of Yield Limits
    
    
    10ARTICLE V DEFINITIONS
    
    
    10ARTICLE VI CERTIFICATE REGARDING THE PROJECT ANDTHE EXPENDITURES OF FUNDS; MISCELLANEOUS
    
    
    14Section 6.1. Certificate Regarding the Project and the Expenditure of Funds
    
    
    14Section 6.2. Termination; Interest of Borrower and Issuer in Rebate Fund
    
    
    14Section 6.3. No Sale of Project
    
    
    14Section 6.4. No Federal Guarantee
    
    
    14Section 6.5. Future Events
    
    
    14Section 6.6. Permitted Changes; Opinion of Bond Counsel
    
    
    14
 i




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PageSection 6.7. Severability
    
    
    14Section 6.8. Counterparts
    
    
    15Section 6.9. Notices
    
    
    15Section 6.10. Successors and Assigns
    
    
    15Section 6.11. Headings
    
    
    15Section 6.12. Governing Law
    
    
    15Section 6.13. Tax Exempt Status of Bonds
    
    
    15Section 6.14. No Common Plan of Financing
    
    
    16Section 6.15. Expectations
    
    
    16Section 6.16. Form 8038 Information
    
    
    16EXHIBIT A. Sources of Funds; Expenditures
    
    
    A-1EXHIBIT B. Certificate of Underwriter
    
    
    B-1EXHIBIT C. Estimated Drawdown Schedule
    
    
    C-1EXHIBIT D. Computation of Average Expected Life of
    
    
    D-1EXHIBIT E. Form 8038 Information
    
    
    E-1
 ii




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TAX REGULATORY AGREEMENT
  Exhibit B
  1




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ARTICLE I
 DESCRIPTION OF THE PURPOSE OF THE
BONDS AND THE PROJECT
 Section 1.1. Purpose of the Bonds. Exhibit A
 Section 1.2. Description of the Project.
 Section 1.3. Acquisition, Construction and Equipping of the Project.
 Exhibit C
 Section 1.4. No Replacement Proceeds, Sinking or Pledged Funds.
   2




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Section 1.5. Investment of Bond Proceeds.
 Section 1.6. Hedges.
 Section 1.7. Reimbursement.
      3




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Section 1.8. No Excess Proceeds.
 Section 1.9. Representations of the Borrower.
   4




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Exhibit B Exhibit D
        5




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Section 1.10. Representations of the Issuer
  Camilla Enterprise
   ARTICLE II
 USE OF PROCEEDS;
DESCRIPTION OF FUNDS
 Section 2.1. Use of Proceeds; Funds Established.
 Original Proceeds ofthe Bonds
    
    ApplicationSale Proceeds:
    
    $29,000,000 (representing the Sale Proceeds of the
Bonds) to the Trustee to be deposited in the Project
Fund.
 6




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Section 2.2. Purpose of Bond Fund.
 Section 2.3. Rebate Fund.
 ARTICLE III
 COMPLIANCE WITH SECTION 148(f)
OF THE CODE; PERMITTED INVESTMENTS
 7




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Section 3.1. Compliance with Section 148(f) of the Code.
  Exhibit B
 Section 3.2. Records.
 Section 3.3. Permitted Investments; Certificates of Deposit and Investment Agreements.
   8




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Section 3.4. Debt Service under the Loan Agreement.
  9




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ARTICLE IV
 YIELD AND YIELD LIMITATIONS
 Section 4.1. Issue Price. Exhibit B
 Section 4.2. Yield Limits.
         Section 4.3. Continuing Nature of Yield Limits.
 ARTICLE V
 DEFINITIONS
  10




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11




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12




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13




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ARTICLE VI
 CERTIFICATE REGARDING THE PROJECT AND
THE EXPENDITURES OF FUNDS; MISCELLANEOUS
 Section 6.1. Certificate Regarding the Project and the Expenditure of Funds.
 Section 6.2. Termination; Interest of Borrower and Issuer in Rebate Fund.
  Section 6.3. No Sale of Project.
 Section 6.4. No Federal Guarantee
 Section 6.5. Future Events.
 Section 6.6. Permitted Changes; Opinion of Bond Counsel.
 Section 6.7. Severability.
 14




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Section 6.8. Counterparts.
 Section 6.9. Notices.
 If to the Issuer:
    
    Mitchell County Development Authority186 East Broad StreetCamilla, Georgia 31730Attention: Executive DirectorFax: (229) 336-2063If to the Borrower:
    
    First United Ethanol, LLC2 West Broad StreetCamilla, Georgia 31730Attention: Mr. Tommy HilliardFax: (229) 522-2824If to the Trustee:
    
    Wells Fargo Bank, National AssociationCorporate Trust Department1300 SW Fifth Avenue, 11th FloorMAC P6101-114Portland, Oregon 97201Attention: Ms. Doreen RoweFax: (503) 886-3300
   Section 6.10. Successors and Assigns.
 Section 6.11. Headings.
 Section 6.12. Governing Law.
 Section 6.13. Tax Exempt Status of Bonds.
 15




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Section 6.14. No Common Plan of Financing.
 Section 6.15. Expectations.
 Section 6.16. Form 8038 Information. Exhibit E Exhibit E
 16




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FIRST UNITED ETHANOL, LLC,
a Georgia limited liability companyBy:
    /s/ Murray CampbellMurray CampbellChairman of the Board 17




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MITCHELL COUNTY DEVELOPMENT AUTHORITYBy:
    /s/ Charles RooksCharles RooksActing Chairman 18




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WELLS FARGO BANK, NATIONAL
ASSOCIATION,as TrusteeBy:
    /s/ Doreen RoweDoreen RoweVice President 19




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EXHIBIT A
 SOURCES OF FUNDS; EXPENDITURES
 SOURCES:Principal of Bonds
    
    $
    29,000,000TOTAL
    
    $
    29,000,000EXPENDITURES:Construction Costs of Project
    
    $
    27,970,000Costs of Issuance
    
    $
    580,000Non-Qualifying Assets
    
    $
    450,000TOTAL
    
    $
    29,000,000
 A-1




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EXHIBIT B(to the Tax Regulatory Agreement)
 CERTIFICATE OF UNDERWRITER
           ByRobbins TaylorPresident
 B-1




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EXHIBIT C
 ESTIMATED DRAWDOWN SCHEDULE
 Quarter/Year
    
    CostsFourth Quarter, 2006
    
    $
    [___]First Quarter, 2007
    
    $
    [___]TOTAL
    
    $
    29,000,000
 C-1




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EXHIBIT D
 
 Asset
    
    Qualifying Cost
    
    Useful Life (Years)Centrifuge System
    
    $3,200,000
    
    
    20Evaporator System
    
    $12,500,000
    
    
    20Methanator System
    
    $950,000
    
    
    20Dryer System
    
    $8,020,000
    
    
    20DDGS Storage System
    
    $2,500,000
    
    
    20First Year Letter of Credit Fee
    
    $800,000
    
    
    0Total Qualifying Solid Waste Disposal Assets
    
    $27,970,000Costs of Issuance (2% Maximum)
    
    $580,000
    
    
    0Non-Qualifying Costs (3% Maximum)
    
    $450,000
    
    
    0Bond Issue Amount
    
    $29,000,000Maximum Bond Size Calculation$27,970,000 Divided by .95 = $29,442,105
  20 Year Property
    
    $
    27,170,000
    
    
    x
    
    
    20
    
    
    =
    
    $
    543,400,0000 Year Property
    
    $
    1,830,000
    
    
    x
    
    
    0
    
    
    =$
    29,000,000
    
    
    
    
    
    
    
    
    
    
    $
    543,400,000$543,400,000 (Total) Divided by $29,000,000 (Bond Size) = 18.737 (Average Weighted Useful Life)
 D-1




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EXHIBIT E
  a.
    
    Land
    
    $
    - 0 -b.
    
    Building and Structures
    
    $
    -0-c.
    
    Equipment with a recovery period of more than 5 years
    
    $
    27,170,000d.
    
    Equipment with a recovery period of 5 years or less
    
    $
    -0-e.
    
    Other (Equipment)
    
    $
    - 0 -
   NAICS Code
    
    Amount[___]
    
    $
    29,000,000
  Yes
    
    No      X
   a.
    
    Name of governmental units approving issue: TEFRA Notice published June 21, 2006; TEFRA
Hearing July 9, 2006; Issuer approval August 1, 2006; Mitchell County Board of Commissioners
approval August 8, 2006b.
    
    Name and EIN of the primary private user:
 
  a.
    
    Issue Price of Bonds
    
    $
    29,000,000b.
    
    Bond Issuance Costs (being paid from Bond Proceeds)
    
    $
    580,000c.
    
    Proceeds Used for Credit Enhancement
    
    $
    800,000d.
    
    Amounts Allocated to Reserve
    
    $
    - 0 -e.
    
    Proceeds Used to Refund Prior Issue
    
    $
    - 0 -f.
    
    Lendable Proceeds (Net Amount Available to the
Borrower)
    
    $
    27,620,000
 E-1