Document:

exv10w3

 

Exhibit 10. 3

OPTION TO PURCHASE REAL PROPERTY

     IN CONSIDERATION of Twenty Thousand Dollars ($20,000), paid to Warren
Mitchell Thompson and Henrietta P. Thompson, husband and wife, hereinafter referred
to as “Sellers,” receipt of which is acknowledged, Sellers give and grant to Agassiz
Energy, LLC, a Minnesota limited liability company, hereinafter referred to as “Purchaser,”
and Purchaser’s successors and assigns, the exclusive option to purchase the real
property Sellers situated in the County of Polk, State of Minnesota, particularly described
as:

     The North Twenty-four (24) acres of the following-described premises:

That
part of the East Half of the Southwest Quarter (E1⁄2SW1⁄2) of Section
Three (3), Township One Hundred Forty-eight (148) North of Range Forty-two (42) West of the Fifth Principal Meridian, described as follows:
Commencing at an iron pipe monument at the southwest corner of said
Section 3; thence North 88 degrees 47 minutes 47 seconds East, assumed
bearing, along the south line of said Section 3, a distance of 1319.82 feet to
the southwest corner of the said E1⁄2SW1⁄4said point being the point of
beginning of the tract to be described; thence North 01 degrees 34 minutes
42 seconds West along the west line of the said E1⁄2SW1⁄4 a distance of
2329.41 feet to an iron pipe monument on the southerly right of way line of
the Burlington Northern, Inc. Railroad; thence South 61 degrees 10 minutes
38 seconds East along said right of way line 1231.72 feet to an iron pipe
monument; thence South 36 degrees 57 minutes 03 seconds West 533.55
feet to an iron pipe monument; thence South 07 degrees 29 minutes 36
seconds West 386.15 feet to an iron pipe monument; thence North 79
degrees 51 minutes 30 seconds West 82.26 feet to an iron pipe monument;

 

 

thence South 06 degrees 57 minutes 23 seconds West 937.41 feet to the
south line of the said E1⁄2SW1⁄4; thence South 88 degrees 47 minutes 47
seconds West along said south line 449.47 feet to the point of beginning,
containing 33.10 acres, more or less;

Together with a roadway easement for access to and from the above-described real property over and across that part of the East Half of the
Southwest Quarter (E1⁄2SW1⁄4) of Section Three (3), Township One Hundred
Forty-eight (148) North of Range Forty-two (42) West of the Fifth Principal
Meridian, described as follows: Commencing at an iron pipe monument at
the southwest corner of said Section 3; thence North 88 degrees 47 minutes
47 seconds East, assumed bearing, along the south line of said Section 3 a
distance of 1769.29 feet to the point of beginning of the easement to be
described; thence continuing North 88 degrees 47 minutes 47 seconds East
33.34 feet; thence North 06 degrees 57 minutes 23 seconds East 931.03
feet; thence North 79 degrees 51 minutes 30 seconds West 33.05 feet;
thence South 06 degrees 57 minutes 23 seconds West 937.41 feet to the
point of beginning, containing 0.70 acres, more or less.

(specific real estate description to be determined by survey provided by, and paid
for by, Purchaser at the exercise of the Option; the real estate subject to the Option
is illustrated on Exhibit “A” attached hereto);

including all easements, rights of way, and appurtenances, and all of Sellers’ right, title,
and interest in all public ways adjoining the property.

     This Option is given on the following terms and conditions:

SECTION ONE

PRICE AND TERMS OF PAYMENT

     The purchase price for the property shall be Two Hundred Thousand Dollars
($200,000) which shall be paid on exercise of this Option by Purchaser. The Option
payment(s) shall be applied toward the total purchase price.

     In addition, in the event the Option is exercised when the Sellers have growing crop
on the premises, Sellers shall be entitled to remove said crop at harvest or be
compensated the fair market value of the lost crop as agreed in writing or as determined
by Minnesota Regional Extension Service if the parties are unable to agree.

-2-

 

SECTION TWO

PERIOD OF OPTION AND EXTENSION

     This Option may be exercised by giving notice of exercise to Sellers at 22348
350th
Street SE, Erskine, Minnesota 56535, at any time during the primary period from April 1,
2006, until March 31, 2007; or during the extension period, if the Option is extended as
provided below, until March 31, 2008. The Option may be so extended by Purchaser
giving Sellers written notice of extension prior to the termination of the primary period, and
paying to Sellers at the time of the notice the additional consideration of Twenty Thousand
Dollars ($20,000). In the event the Option is not exercised, Sellers shall retain all Option
payments made pursuant to this Agreement.

SECTION THREE

TITLE

     If the Option is exercised, Sellers shall, within sixty (60) days after the delivery to
Sellers of the notice of exercise, secure and submit to Purchaser for examination by
Purchaser’s attorneys, an updated Abstract of Title. Within thirty (30) days thereafter,
Purchaser shall give notice in writing to Sellers of any defects in or objections to the title as
so evidenced, and Sellers shall clear the title of the defects and objections so specified.

     If Sellers fail to clear title to the extent required in this Option or to submit evidence
of Sellers’ ability to do so prior to closing, and such failure continues for one hundred
twenty (120) days after the date of exercise of the Option, Purchaser may clear title to the
extent so required and charge the cost of clearing to Sellers or, at Purchaser’s option, may
terminate the contract by giving thirty (30) days’ written notice to Sellers.

     Title to be conveyed as provided in this Option shall be merchantable title, free and
clear of all liens, encumbrances, restrictions, and easements.

-3-

 

SECTION FOUR

CLOSING

     Sellers shall be responsible for providing an updated Abstract of Title, Deed in
recordable form; and payment of deed tax. Purchaser shall be responsible for surveying
costs, title examination (or owner’s title insurance), and recording the Deed. Taxes and
assessments in the year of closing shall be prorated between the parties as of the date of
the closing. Closing shall be scheduled ten (10) days following determination that the title
to the real estate is marketable.

SECTION FIVE

POSSESSION

     Sellers shall continue in possession of the property until the closing of the
transaction, and shall maintain the property in its present condition, reasonable wear from
ordinary use excepted. Possession shall be transferred to Purchasers at closing.

SECTION SIX

HAZARDOUS SUBSTANCES

     The parties acknowledge that Purchaser may, during the option period(s) conduct
environmental testing pursuant to Section Seven. In the event Purchaser exercises the
purchase option(s) set forth in this Agreement, Purchaser relying on its own testing, shall
accept said property “as is.”

SECTION SEVEN

TESTING

     In the event soil testing or other testing is undertaken by Purchaser during the
Option period, Sellers shall be compensated in an amount to be determined by the
Minnesota Regional Extension service for any crop damage occurring on the parcel or

-4-

 

adjacent area which is caused directly or indirectly by said testing. Purchaser shall be
responsible for costs of environmental testing.

SECTION EIGHT

NOTICES

     Any notice under this Option shall be given in writing to the party for whom it is
intended in person or by certified mail at the following address, or such future address as
may be designated in writing:

	 	 	 	 	 
	 

	 	Sellers:
	 	22348 350th Street SE
	 

	 	 	 	Erskine, MN 56535
	 
	 	 	 	 
	 

	 	Purchaser:
	 	Donald Sargeant
	 

	 	 	 	President and Chief Manager
	 

	 	 	 	510 County Road 71
	 

	 	 	 	Crookston, MN 56716

to any successor or assignee of either party, at the address stated in the notice of
succession or assignment.

SECTION NINE

GOVERNING LAW

     This Option Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Minnesota.

SECTION TEN

AMENDMENT

     This Option Agreement may not be amended except by a written instrument signed
by the parties hereto.

-5-

 

SECTION ELEVEN

ASSIGNMENT AND SUCCESSION

     This Option and the contract resulting from its
 exercise shall bind and inure to the
benefit of the heirs, administrators, executors, successors, and assigns of the respective
parties. All rights of Purchaser under this Option may be assigned without restriction, but
notice of each assignment shall be given in writing to Sellers.

DATED this 11th day of March, 2006.

	 	 	 	 	 	 	 
	SELLERS:	 	PURCHASER:
	 
	 	 	 	 	 	 
	 	 	AGASSIZ ENERGY,
LLC
	 
	 	 	 	 	 	 
	/s/ Warren Mitchell Thompson
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	WARREN MITCHELL THOMPSON
	 	 	 	 	 	 
	 	 	By 	Donald Sargeant
	 	 	 	 
	 

	 	 	 	Its
	Chief Manager
	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Henrietta P. Thompson
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	HENRIETTA P. THOMPSON
	 	 	 	 	 	 
	 

	 	By 	 	 	 	 
	 	 	 	 
	 

	 	 	 	Its	 	 
	 

	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE OF MINNESOTA

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss.
	COUNTY OF POLK

	 	 	)	 	 	 

     The foregoing instrument was acknowledged before me this                      day of
                     , 2005, by Warren Mitchell Thompson and Henrietta P. Thompson,  husband and wife, Sellers.

	 	 	 
	 

	 	 
	 
	 

	 	Notary Public, Polk County, MN

My Comm. Expires:

-6-

 

	 	 	 	 	 	 	 
	STATE OF MINNESOTA

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss.
	COUNTY OF POLK

	 	 	)	 	 	 

     The
foregoing instrument was acknowledged before me this 16th day of
March, 2006, by and Don Sargeant and
                     the Chief Manager and                     , respectively of
Agassiz Energy, LLC a Minnesota limited liability company, Purchaser.

	 	 	 
	

	 	/s/ Daniel L. Rust
	 

	 
	 

	Notary Public, Polk County, MN

My Comm. Expires:

THIS INSTRUMENT WAS DRAFTED BY:

Johannson, Rust, Yon, Stock

& Rasmusson, P.A.

P.O. Box 605

Crookston, MN 56716

-7-

 

-8-exv10w4

 

Exhibit 10.4

United States Department of Agriculture

Rural Business-Cooperative Service

Value-Added Agricultural Product Market Development Grant Agreement (VADG)

This Grant Agreement (Agreement) dated March 14, 2005 between Agassiz Energy, LLC (Grantee), and
the United States of America, acting through the Rural Business-Cooperative Service of the
Department of Agriculture (Grantor), for $170,000 in grant funds under the VADG program, delineates
the agreement of the parties.

NOW, THEREFORE, in consideration of the grant;

The parties agree that:

1. All the terms and provisions of the VADG NOSA and application submitted by the Grantee for this
VADG grant, including any attachments or amendments, are incorporated and included as part of this
Agreement. Any changes to these documents, or this agreement must be approved in writing by the
Grantor.

2. As a condition of the Agreement, the Grantee certifies that it is in compliance with and will
comply in the course of the Agreement with all applicable laws, regulations, Executive Orders, and
other generally applicable requirements, including those contained in 7 CFR 3015.205 (b), which are
incorporated into this agreement by reference, and such other statutory provisions as are
specifically contained herein. The Grantee will comply with title VI of the Civil Rights Act

1

 

of 1964, section 504 of the Rehabilitation Act of 1973, and Executive Order 12250.

3. The provisions of 7 CFR part 3015, “Uniform Federal Assistance Regulations” and part 3019,
“Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher
Education, Hospitals, and Other Nonprofit Organizations,” as applicable are incorporated herein and
made a part hereof by reference.

FURTHER, the Grantee agrees that it will:

	1.	 	Not use grant funds or matching funds to plan, repair, rehabilitate, acquire, or construct a
building or facility (including a processing facility); or to purchase, rent, or install fixed
equipment.

2 . Use Grant Funds and matching funds only for the purposes and activities specified in the
proposal approved by the Agency including the approved budget. Any uses not provided for in the
approved budget must be approved in writing by the Agency in advance of obligation by the Grantor.

3. Submit a feasibility study, business operations plans, and other studies and plans required by
the Grantor if any part of the grant will be used to establish a working capital account.

4. Deliver the results of a study or activity to the Grantor upon completion of each task outlined
in the proposal. These include, but are not limited to, feasibility studies, marketing plans,
business operations plans, articles of incorporation and bylaws, and accounting

2

 

of how
working capital funds were spent. All itmes delivered to the Grantor
will be held in confidence to the extent provided by law.

5. Request
any cash advances in the minimum amount needed and timed to the
actual, immediate cash requirements for carrying out the grant
purpose. Standard Form 270, “Request for Advance of
Reimbursement,” will be used for this purpose.

6. Submit
a Standard Form 269, “Financial Status Report” and list
expenditures according to agreed upon budget categories on a
semi-annual basis, for the time periods of October 1 through
March 31 (due April 30) and April 1 through
September 30 (due October 31). The Financial Status Report
must show how grant funds and matching funds have been used to date
and project the funds needed and their purposes for the next
reporting period. A final report is also due within 90 days of the
end of the grant period. A final report may serve as the last
semi-annual report.

7. Provide
project performance reports on a semi-annual basis (due April 30
and October 31 for the time periods of October 1 through
March 31 and April 1 through September 30). A final
report is also due within 90 days of the end of the grant period. A
final report may serve as the last semi-annual report. Grantees shall
constantly monitor performance to ensure that time schedules are
being met and projected goals by time periods are being accomplished.
The project performance reports shall include the following:

a. A
comparison of actual accomplishments to the objectives for that
period.

3

 

b. Reasons
why established objectives were not met, if applicable.

c. Reasons
for any problems, delays, or adverse conditions which will affect
attainment of overall program objectives, prevent meeting time
schedules or objectives, or preclude the attainment of particular
objectives during established time periods. This disclosure shall be
accomplished by a statement of the action taken or planned to resolve
the situation.

d. Objectives
and timetables established for the next reporting period.

The final
report will also address the following:

a. What
have been the most challenging or unexpected aspects of this program?

b. What
advice you would give to other organizations planning a similar
program. These should include strengths and limitations of the
program. If you had the opportunity, what would you have done
differently?

c. If
an innovative approach was used successfully, the grantee should
describe their program in detail so that other organizations might
consider replication in their areas.

8. Collect
and maintain data on race, sex, and national origin of Grantee’s
membership/ownership.

9. Provide
Financial Management Systems which will include:

4

 

a. Records that identify adequately the source and application of funds for grant-supported
activities. Those records shall contain information pertaining to grant awards and authorizations,
obligations, unobligated balances, assets, liabilities, outlays, and income.

b. Effective control over and accountability for all funds, property, and other assets. Grantees
shall adequately safeguard all such assets and shall ensure that they are used solely for
authorized purposes.

c. Accounting records supported by source documentation.

d. Grantee tracking of fund usage and records that show matching funds and grant funds are used in
equal proportions. The grantee will provide verifiable documentation regarding matching fund usage,
i.e., bank statements or copies of funding obligations from the matching source.

10. Retain financial records, supporting documents, statistical records, and all other records
pertinent to the grant for a period of at least 3 years after grant closing, except that the
records shall be retained beyond the 3-year period if audit findings have not been resolved.
Microfilm or photocopies or similar methods may be substituted in lieu of original records. The
Grantor and the Comptroller General of the United States, or any of their duly authorized
representatives, shall have access to any books, documents, papers, and records of the Grantee’s
which are pertinent to the specific grant program for the purpose of making audits, examinations,
excerpts, and transcripts.

5

 

11. Not encumber, transfer or dispose of the equipment or any part thereof, acquired wholly or
in part with Grantor funds without the written consent of the Grantor.

12 . Not duplicate other program purposes for which monies have been received, are committed, or
are applied to from other sources (public or private).

Grantor agrees to make available to Grantee for the purpose of this
Agreement funds in an amount not to exceed the Grant Funds. The funds
will be reimbursed or advanced based on submission of Standard Form
270.

IN WITNESS WHEREOF, Grantee has this day authorized and caused this
Agreement to be executed by

Attest

	 	 	 	 	 
	By

	 	/s/ Donald Sargeant
 

(Grantee)
	 	 

(Title) Chief Manager and President

 

UNITED STATES OF AMERICA

RURAL BUSINESS-COOPERATIVE SERVICE

	 	 	 	 	 	 	 	 	 
	By

	 	[ILLEGIBLE]	 	 	 	 	 	 
	 	 	 	 	 
	(Grantor)

	 	 

	 	(Name)
	 	(Title)
	 	 

6

 

October 31, 2005

	 	 	 
	To:

	 	Robyn J Holdorf, USDA — Rural Development Business & Cooperative Specialist
	 
	 	 
	From:

	 	Donald Sargeant, Agassiz Energy Project Coordinator
	 
	 	 
	Re:

	 	April 1, 2005 through September 30, 2005 Financial and Performance Report

This letter includes the financial and project performance report for April 1,
2005 through September 30, 2005 for the Agassiz Energy, LLC UDSA VADG grant.

April through September Progress

Project Coordination

	 	•	 	Donald Sargeant, former Chancellor at the University of Minnesota,
Crookston, was hired as project coordinator. He serves on several business
boards and management grants as part of his University faculty appointment.
Dr. Sargeant also serves as Chair of Agassiz Energy, LLC.
	 
	 	•	 	Project coordination during this quarter focused on the development of
the air and water permits and EAW review for the Minnesota Pollution
Control Agency and interviewing consulting companies in the following
areas:

	 	o	 	construction design — Bio-Renewable Group hired
	 
	 	o	 	enzyme technologies — Vogelbusch hired
	 
	 	o	 	business plan development — Val-Add Services Corp hired

	 	•	 	Project Coordinator attended National Ethanol Financial Conference in
Chicago in May along with two other Board members. Coordinator also attended
the BBI International Ethanol Conference in Kansas City in June. Both
conferences were very important in making industry contacts and developing an
understanding of current and future trends in ethanol throughout the world.

Feasibility Study

	•	 	Bio-Renewable Group (Wanzek Construction — Fargo. Schneider
Engineering — Omaha, and Vogelbusch — enzyme technologies-
Houston) were hired to establish feasibility of coal fired
ethanol plant using corn and barley as feedstock. This group
completed their work at the end of September. Key outcomes of
their work included decision to file a major use energy permit
with MPCA; potential to increase plant outcome from 50 to 68
million gallons per year; plant size can be located on land site
to meet concerns for wetlands, natural history, and wildlife;
and creation of plan for coal fly ash disposal.

	•	 	Natural Resources Group serves as consultant to develop and
present air and water permits and environmental impact
statements to Minnesota Pollution Control Agency. This is very
important to project. MPCA has approved only one coal fired
ethanol plant in many years. Coal plants today cost $15M per
year less to operate than a natural gas plant.

 

510 County Road 71, Crookston, MN 56716  • 218.281.8442  • 281.281.8052 Fax  • www.agassizenergy.corr

 

 

Business and Marketing

	•	 	Hired Val-Add Service Corp to work with Agassiz in the development of a business plan.
This company has developed business plans for companies that total over $1B in the past 5
years. Steve Sershen is serving as lead consultant and he presently is on 5 ethanol company
Boards. Steve led the Board in a discussion of the many decisions facing the Board and various
options for key decisions. He stressed the importance of accurate Board minutes to aid in
documenting the rationale for decisions and in the likelihood of a law suit.

	•	 	Vogelbusch presented two financial summary comparisons. One using corn and the other a blend
of corn and barley as feedstock. A grind was included as part of the analysis indicating
operating income and cash flow for various ethanol sale prices and corn costs. These are the
two critical factors in analyzing an ethanol plant in addition to plant cost.

Organizational and Legal

	•	 	Some legal expenses incurred in reviewing SEC filing process and in accounting
in maintenance of corporate records.

October through March Plans

Business and Marketing

	•	 	Contract with ethanol and distiller’s grains marketing firm/s
	 
	•	 	Complete business plan
	 
	•	 	Complete corn basis study
	 
	•	 	Complete MPCA permit filing

Organizational and Legal

	•	 	Select accounting firm
	 
	•	 	Select and purchase limited liability and director and officer insurance
	 
	•	 	Conduct equity drive
	 
	•	 	Contract with law firm to complete documents for SEC filing
	 
	•	 	Visit with financial institutions about construction and operation loans

Much of the planning to date has focused on permits and plant design for a coal fired plant.
Agassiz Energy is aware that the current high ethanol prices will not continue. Since beginning the
project last year, ethanol prices have ranged from $1.15 per gallon in May 2005 to current prices
in the $1.80 range. There a large number of plants under construction and under consideration.
Thus, there will more than likely be a point within the next two or three years in which ethanol
production is higher than the demand for ethanol. These factors indicate that Agassiz must build a
low cost operation plant to enter the market. The planning and work over the next 6 months are
important in creating that low cost operating plant.

 

 

FINANCIAL STATUS REPORT

(Long Form)

(Follow
instructions on the back)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Federal Agency and
Organizational Element
to Which Report is
Submitted

	 	2. Federal Grant or
Other Identifying
Number Assigned By
Federal Agency

	 	 	 	OMB Approval
No.
	 	Page of
1      1
	USDA, Rural Development

	 	10.352	 	 	 	 	 	 	 	0348-0039
	 	pages
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	3. Recipient Organization (Name and complete address, including ZIP code)	 	 	 	 
	Agassiz Energy, LLC	 	 	 	 
	510 County Road 71, Crookston, MN 56716	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4. Employer Identification Number	 	5. Recipient Account Number or Identifying Number	 	6. Final Report	 	7. Basis
	   20-1427103

	 	 	 	 	 	 	 	o Yes þ No
	 	þ Cash o Accrual
	 
	8. Funding/Grant Period (See instructions)	 	9. Period Covered by this Report	 	 	 	 
	   From: (Month, Day, Year)
	 	To: (Month, Day, Year)	 	From: (Month, Day, Year)
	 	To: (Month, Day, Year)
	   4/1/2005
	 	9/30/2005
	 	4/1/2005
	 	9/30/2005	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	10. Transactions:	 	i	 	 	ii	 	 	iii	 
	 	 	Previously Reported	 	 	This Period	 	 	Cumulative	 
	a. Total outlays
	 	 	 	 	 	 	116,964.40	 	 	 	116,964.40	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	b. Refunds, rebates, etc.
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	c. Program income used in accordance with the deduction alternative
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	d. Net outlays (Line a, less the sum of lines b and c)
	 	 	0.00	 	 	 	116,964.40	 	 	 	116,964.40	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Recipient’s share of net outlays, consisting of:
	 	 	 	 	 	 	 	 	 	 	 	 
	e. Third party (in-kind) contributions
	 	 	 	 	 	 	58,482.20	 	 	 	58,482.20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	f. Other Federal awards authorized to be used to match this award
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	g. Program income used in accordance with the matching or cost
sharing alternative
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	h. All other recipient outlays not shown on lines e, f or g
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	i. Total recipient share of net outlays (Sum of lines e, f, g and h)
	 	 	0.00	 	 	 	58,482.20	 	 	 	58,482.20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	j. Federal
share of net outlays (line d less line i)
	 	 	0.00	 	 	 	58,482.20	 	 	 	58,482.20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	k. Total unliquidated obligations
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	l. Recipient’s share of unliquidated obligations
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	m. Federal share of unliquidated obligations
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	n. Total Federal share (sum of lines j and m)
	 	 	 	 	 	 	 	 	 	 	58,482.20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	o. Total Federal funds authorized for this funding period
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	p. Unobligated balance of Federal funds (Line o minus line n)
	 	 	 	 	 	 	 	 	 	 	-58,482.20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Program income, consisting of:
	 	 	 	 	 	 	 	 	 	 	 	 
	q. Disbursed
program income shown on lines c and/or g above
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	r. Disbursed program income using the addition alternative
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	s. Undisbursed program income
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	t. Total program income realized (Sum of lines q, r and s)
	 	 	 	 	 	 	 	 	 	 	0.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	          a. Type of Rate (Place “X” in appropriate box)
	 	 	 	 	 	 	 	 	 	 	 	 
	11. Indirect
              
            
    o
 Provisional              
       o
Predetermined              
       o
Final               
      o Fixed
	     Expense        b. Rate                     c. Base                               d. Total Amount                               e. Federal Share
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	12. Remarks: Attach any explanations deemed necessary or information
required by Federal sponsoring agency in compliance with governing
legislation.

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	13. Certification: I certify to the best of my knowledge and belief that this
report is correct and complete and that all outlays and
unliquidated obligations are for the purposes set forth in the award
documents.

	 	 	 
	Typed or Printed Name and Title

	 	Telephone (Area code, number and extension)
	  Don Sargeant, Project Coordinator

	 	  218-281-8442
	 
	Signature of Authorized Certifying Official

	 	Date Report Submitted
	 

	 	  October 31, 2005

					
	Previous Edition Usable
	 	269-104
	 	Standard Form 269 (Rev. 7-97)
	NSN 7540-01-012-4285
	 	 	 	Prescribed by OMB Circulars A-102 and A-110
	 
	 	200-498 P.O. 139 (Face)

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