Document:

Exhibit 10.11

WATER TREATMENT PLANT

FINANCING AGREEMENT

This Agreement, dated as of June 14, 2006, by and
between TM Rural Water District, P.O. Box 445, Parker, South Dakota, a South
Dakota water user district, body politic and a political subdivision of the
State of South Dakota (hereinafter referred to as “TM”), and Millennium
Ethanol, L.L.C., P.O. Box 357, Marion, South Dakota (hereinafter referred to as
“Millennium”).

WITNESSETH:

Millennium has a need to secure a dependable source of
quality water for its ethanol plant to be constructed near Marion, South
Dakota; and

TM treats and produces water and has the ability to
provide water to Millennium; and

It is in the mutual best interests of TM and
Millennium for TM to construct the necessary treatment facilities and to enter
into an agreement with Millennium, whereby Millennium shall assist in the
financing of such treatment facilities; and

This Agreement is entered into for the purpose of
setting forth the terms and conditions whereby Millennium will advance funding
for the construction of a treatment plant to be owned and operated by TM that
will serve Millennium’s water needs.

NOW, THEREFORE, in consideration of the foregoing,
mutual covenants contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, it is hereby
agreed as follows:

ARTICLE 1

DEVELOPMENT OF PROJECT

Definitions. In addition to
other terms defined at various times in this Agreement, the following terms as
used herein shall mean:

“Acts” shall mean applicable federal, state and local
laws, rules, regulations, ordinances, standards and policies regulating or
concerning treated water.

“TM’s Capital Contribution” means the sums contributed
by TM toward the construction of a water treatment plant.

“Millennium’s Capital Contribution” means the sum
contributed by Millennium toward the construction of a water treatment plant in
the amount of Two Million Nine Hundred Twenty Eight Thousand and No/100 Dollars
($2,928,000.00).

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“Treated Water” means water produced at TM water
treatment facilities and delivered to Millennium beginning January 1, 2008.

“Contract Documents” means the construction contracts
to be entered into by TM following a competitive bidding process with
contractors awarded contracts to construct the Project, and all documents
referred to in such contracts as contract documents.

“Design Documents” means the Project drawings and
technical specifications prepared by the Project Engineer(s) which shall be
incorporated into the Contract Documents.

“Project” means the water treatment plant and works
appurtenant thereto.

“State” means the State of South Dakota.

ARTICLE II

DESIGN AND CONTRACT DOCUMENTS

2.1      Design
Phase. TM shall have Design Documents prepared by Banner
Engineering of Brookings, South Dakota (the “Project Engineer”) for use in the
Project.

2.2      Contract
Documents. The Project shall be constructed and completed
in accordance with the Contract Documents prepared by the Project Engineer.

ARTICLE III

BIDDING, DEPOSIT OF FUNDS AND CONSTRUCTION

3.1      Bid
Documents. TM shall prepare all bid documents,
advertisements and shall ensure that the bidding procedures it uses shall be
conducted in compliance with applicable state and federal laws governing public
works projects, including SDCL Chapter 5-18.

3.2      Transfer
of Funds. Prior to July 24, 2006, Millennium shall
transfer the sum of Two Million Nine Hundred Twenty Eight Thousand and No/100
Dollars ($2,928,000.00) into an interest bearing account at Farmer’s State Bank
of Marion, South Dakota for the payment of construction and associated costs.
Such funds shall be maintained at such institution in an immediately available
fund entitled TM Rural Water District Water Treatment Plant Fund (the “Fund”).
TM shall be entitled to drawn down such funds at such times in its sole
discretion as such funds are necessary for payment of Project costs, subject
only to the restrictions contained herein in Article IV., Paragraph 4.1.
Millennium shall be entitled to all interest which shall accrue on such
account.

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ARTICLE IV

CONSTRUCTION COSTS OF WATER TREATMENT FACILITY

4.1      Payment
for Construction Costs. TM agrees to pay the contractors
utilized in the construction of the Project in accordance with the terms and
conditions of the Contract Documents to be executed by TM and the successful
bidders for the construction of the Project. During the Project construction,
upon presentation of a pay request by a contractor, subcontractor, or supplier
in accordance with the provisions of the Contract Documents or upon
presentation of a pay request by the engineer, TM shall be entitled to access
the funds in the TM Rural Water District Water Treatment Plant Fund upon the
following terms and conditions:

Upon receipt of a properly executed and timely pay
request from an engineer, contractor, subcontractor or supplier on the Project,
TM, in its sole discretion, shall determine the priority of payment from the
Fund or other sources of funds available to TM. No disbursements shall be made
from the Fund for costs not defined as Project Costs, as defined below. TM
shall provide a written summary of all disbursements made each month from the
Fund by the 15th day of the following month.

4.2      Project
Costs. The costs of the Project shall include engineering
costs and construction costs, all in connection with the Project.

4.3      Millennium
Costs. TM shall have no obligation to pay and legal,
engineering or administrative fees or costs incurred by Millennium in the
construction of the Project.

ARTICLE V

OWNERSHIP

5.1      Ownership.
At all times relevant hereto, including following construction of the Project,
TM shall be the sole owner of the Project and all its appurtenant facilities,
equipment, pipelines and wells.

ARTICLE VI

DISCLAIMER

6.1      Warranty
Disclaimer. TM shall provide treated water to Millennium “As
Is” and “As Available” and makes no warranties, express or implied, with
respect to the quality of the treated water provided, except as contained in
the Water User Agreement entered into between the parties and incorporated
herein by reference or fitness for a particular purpose of such water.

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ARTICLE VII

SPECIAL PROVISIONS

7.1      Millennium’s
Guarantee. For and during the term of this Agreement,
Millennium shall not unreasonably withhold or delay any payment due under this
Agreement and TM may proceed to enforce such obligations by a suit in equity or
at law, either for the specific performance, or for the enforcement of any
other appropriate legal or equitable remedy. Each and every power or remedy
herein specifically given shall be in addition to every other power or remedy,
existing or implied, given or now or hereafter existing at law or in equity.

7.2      Evidence
of Proceedings. Within seven (7) business days after the
execution of this Agreement, and in any event prior to the award of a Project
contract, each party shall provide the other certified copies of all
proceedings by their respective governing board authorizing (i) the execution
of this Agreement and (ii) the actions to be taken pursuant to the Agreement.

ARTICLE VIII

GENERAL PROVISIONS

8.1      Modifications.
No modifications or changes to the Agreement, or any part thereof, shall be
valid unless in writing and signed by the authorized representatives of parties
hereto, or their respective successors and assigns.

8.2      Interpretation.
Any and all headings of this Agreement are for convenience of reference only,
and do not modify, define or limit the provisions thereof. Words of any gender
shall be deemed and construed to include correlative words of the other gender.

8.3      Severability.
If any provision of this Agreement shall be held to be inoperative or
unenforceable as applied in any particular case in any jurisdiction because it
conflicts with any other provision hereof or any constitution, statute,
ordinance, rule of law or public policy, or for any other reason, such holding
shall not have the effect of rendering the provisions in question inoperative
or unenforceable to any extent whatever. The invalidity of any one or more
phrases, sentences, clauses or sections contained in this Agreement shall not
affect the remaining portions of this Agreement of any part hereof, and they
shall otherwise remain in full force and effect.

8.4      Force
Majeure. Neither party shall be liable for any failure,
inability or delay to perform hereunder, if such failure, inability or delay is
due to war, strike, fire, explosion, sabotage, accident, storm, interruption of
water supply due to restrictions imposed on water permits by the State of South
Dakota or any regulatory agency thereof, casualty or any other cause beyond the
reasonable control of the parties so failing, providing due diligence is used
by the party in curing such cause and in resuming performance.

8.5      Water
User Agreement. To the extent relevant hereto, the terms
and conditions of the Water User Agreement entered into by the parties shall be
incorporated herein by

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reference as if fully set forth, and shall govern if there is a
conflict between this Agreement and the Water User Agreement.

8.6      Notices.
All notices given or required under this Agreement shall be in writing and may
be delivered personally, by overnight courier or by placing in the United
States mail, first-class and certified, return receipt requested, with postage
prepaid and addressed:

If to Millennium, at the following address:

Millennium Ethanol, L.L.C.

P.O. Box 357

Marion, South Dakota 57043

provided that copies of notices pertaining to a failure on the part of
Millennium to perform in accordance with the terms of this Agreement shall be
sent to Millennium’s representative, and to such other persons as may be
designated in writing by Millennium.

If to TM, at the following address:

TM Rural Water District

P.O. Box 445

Parker, SD 57053-0445

provided that copies of notices pertaining to a failure on that part of
TM to perform in accordance with the terms of this Agreement shall be sent to
the TM Manager, and to such other persons as may be designated in writing to
TM.

Notices delivered by mail shall be deemed effective
three (3) business days after mailing in accordance with this section. Notices
delivered personally or by overnight courier shall be deemed effective upon
receipt or refusal. Either party may change its addresses for purposes hereof
by notice given to the other party as herein provided.

8.7      Whole
Agreement. This Agreement and the Water User Agreement
contemporaneously signed herewith shall constitute the entire agreement between
the parties as to the matters provided for herein, and no inducements,
considerations, promises, or other references shall be implied in this
Agreement that are not expressly addressed herein.

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IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement on the day and year first above
written.

	
   

  	
   

  	
   

  	
  TM RURAL WATER DISTRICT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY: 

  	
  /s/ [Illegible]

  
	
   

  	
   

  	
   

  	
  Its President

  

 

Attest:

	
  6-14-06

  	
   

  	
   

  	
   

  
	
  DATE

  

  /s/ Steven Knutson

  	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
  MILLENNIUM ETHANOL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY: 

  	
  /s/ Steve Domm

  
	
   

  	
   

  	
  TITLE:

  	
  CEO

  
					

 

STATE OF SOUTH DAKOTA

SS

COUNTY OF TURNER

On this the 14th day of June, 2006, before the undersigned
officer, personally appeared Steve Domm, known to me or satisfactorily proven
to be the person whose name is subscribed to the within instrument and
acknowledged that be executed the same of the purposes therein contained.

In witness whereof I have hereunto set my hand and
official seal.

	
   

  	
   

  	
   

  	
  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Notary Public, South Dakota

  

 

(SEAL)

	
  My commission expires 

  	
  11-29-2010.

  	
   

  

 

 6Exhibit 10.12

TM
RURAL WATER and MILLENNIUM ETHANOL L.L.C.

WATER SUPPLY PIPELINE AGREEMENT

This Water Supply
Pipeline Agreement, entered this 25th day of January, 2007, by and between TM
Rural Water District, P.O. Box 445 Parker, South  Dakota,
a South Dakota water user district, body politic and a political subdivision of
the state of South Dakota (hereinafter referred to as “TM”), and Millennium
Ethanol, L.L.C, P.O. Box 357, Marion, South Dakota (hereinafter referred to as “Millennium”)
provides as follows:

WHEREAS,
TM and Millennium have entered into a Water Treatment Plant
Financing Agreement dated June 14, 2006, and a Water User Agreement also
entered into on June 14, 2006; and

WHEREAS,
TM and Millennium understand and agree that it is necessary
for TM to construct a water supply pipeline from the TM Water Treatment Plant
to the Millennium facilities; and

WHEREAS,
it is in the mutual best interest of TM and Millennium for
the pipeline to be constructed as soon as possible, and for Millennium to pay
for the construction of the pipeline; and

WHEREAS,
this agreement is entered into for the purpose of setting
forth the terms and conditions whereby Millennium will construct the pipeline
in accordance with TM’s plans and specifications, and supervision, and which
will be owned and operated by TM to serve Millennium’s water needs.

NOW,
THEREFORE, in consideration of the foregoing mutual covenants
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, it is hereby agreed as
follows:

ARTICLE 1

CONSTRUCTION COSTS of WATER SUPPLY PIPELINE

1.1                    Pipeline.
Millennium agrees to construct a water supply pipeline to supply the water
needed by Millennium, pursuant to the Water User Agreement and Water Treatment
Plant Financing Agreement previously entered into by the parties.

1.2                    Location of Pipeline. That the water
supply pipeline will be constructed and installed over, in and under real
property that TM has obtained easements for the placement of said pipeline, or
in the public right of way. The parties understand and agree that TM has
obtained the required easements with the legal descriptions of the properties
and the actual easement agreements available for review by Millennium, and
housed at the TM office in Parker, South Dakota. The parties understand

and agree that the general route of the pipeline is shown by the aerial
photograph which is attached to this agreement as Exhibit l, and incorporated
herein as if fully set forth.

1.3                    Millennium to Pay Cost of Pipeline. The
parties understand and agree that Millennium, at its sole cost, agrees to pay
for the entire construction cost of the water supply pipeline.

1.4                    Water Supply Pipeline Costs. The costs
of the water supply pipeline shall include engineering costs and construction
costs, all in connection with the project set forth in the Water Treatment
Plant Financing Agreement and TM Millennium Water User Agreement. TM shall have
no obligation to pay any legal, engineering or administrative fees or costs
incurred by Millennium in the construction of the water supply pipeline.

ARTICLE 2

OWNERSHIP

2.1                    Pipeline to
be owned by TM.  At all times relevant hereto, including following the
construction of the water supply pipeline, TM shall be the sole owner of the
water supply pipeline and all of its appurtenant facilities, equipment,
pipelines, and wells.

ARTICLE
3 

DESIGN AND CONTRACT DOCUMENTS

3.1                    Design of Project. TM shall have the
Design Documents, which are the project drawings and technical specifications prepared
by the Project Engineers which shall be incorporated into the Contract
Documents, prepared by Banner Associates, Inc. of Brookings, South Dakota, who
are the Project Engineers for use in the construction of the overall project,
as defined in the Water Treatment Plant Financing Agreement, and are the
Project Engineers for the purposes of constructing the water supply pipeline
contemplated by this Agreement.

3.2                    Contract Documents. The parties agree
that the Project shall be constructed and completed in accordance with the
Contract Documents prepared by the Project Engineer.

ARTICLE
4

BUILDING, DEPOSIT of FUNDS and CONSTRUCTION

4.1                    Bid
Documents. TM shall prepare all Bid Documents with the assistance of
the Project Engineer.

4.2                    Construction of Pipeline Under TM’s Supervision.
The parties understand and agree that TM shall supervise the construction
of the

 2
 

pipeline, according to its plans and specifications, as shown in
the  Contract Documents, and approved by
the Project Engineers.

ARTICLE
5

 CONSTRUCTION COSTS of WATER
SUPPLY PIPELINE

5.1                    Payment for
Construction Costs. Millennium agrees to pay the contractors utilized
in the construction of the water supply pipeline in accordance with the terms
and conditions of the Contract Documents to be executed by Millennium and the
successful bidders for construction of the water supply pipeline. During the
Project construction, upon presentation of a pay request by a contractor,
subcontractor, or a supplier in accordance with the provisions of the Contract
Documents whereupon presentation of a pay request is approved by Project
Engineers, Millennium shall pay the  pay request.

ARTICLE
6

SPECIAL PROVISIONS

6.1                    Millennium’s Guarantee. For and during
the term of this Agreement, Millennium shall not unreasonably withhold or delay
any payment due under this Agreement and TM may proceed to enforce such
obligations by a suit in equity or at law, either for the specific performance,
or for the enforcement of any other appropriate legal or equitable remedy. Each
and every power or remedy herein specifically given shall be in addition to
every other power or remedy, existing or implied, given or now or hereafter
existing at law or in equity.

6.2                    Evidence of Proceedings. After the
execution of this Agreement, and in any event prior to the award of a Project
contract, each party shall provide the other true and correct copies of all
proceedings by their respective governing board authorizing (i) the execution
of this Agreement and (ii) the actions to be taken pursuant to the Agreement.

6.3                    No Liens or Security Interests Attach to Pipeline.
Millennium agrees that it will insure that none of its creditors place any
kind of lien, mortgage, security interest, or similar device on the pipeline to
be constructed. Millennium hereby represents to TM, and acknowledges and
agrees, that it has obtained consent from its creditors wherein Millennium’s
creditors agree that they will not take any kind of lien, mortgage, security
interest, or similar device on the pipeline to be constructed and that it will
hold TM harmless from any such lien, mortgage, security interest, or similar
device.

 3
 

ARTICLE 7

GENERAL PROVISIONS

7.1                    Modifications. No modifications or
changes to the Agreement, or any part thereof, shall be valid unless in writing
and signed by the authorized representatives of parties hereto, or their
respective successors and assigns.

7.2                    Interpretation. Any and all headings of
this Agreement are for convenience of reference only, and do not modify,  define or limit the provisions thereof.
Words of any gender shall be deemed and construed to include correlative words
of the other gender.

7.3                    Severability. If any provision of this
Agreement shall be held to be inoperative or unenforceable as applied in any
particular case in any jurisdiction because it conflicts with any other
provision hereof or any constitution, statute, ordinance, rule of law or public
policy, or for any other reason, such holding shall not have the effect of
rendering the provisions in question inoperative or unenforceable to any extent
whatever. The invalidity of any one or more phrases, sentences, clauses or
sections contained in this Agreement shall not affect the remaining portions of
this Agreement or any part hereof, and they shall otherwise remain in full
force and effect.

7.4                    Force Majeure. TM shall not be liable
for any failure, inability or delay to perform hereunder, if such failure,
inability or delay is due to war, strike, fire, explosion, sabotage, accident,
storm, interruption of water supply due to restrictions imposed on water
permits by the State of South Dakota or any regulatory agency thereof or the
amount of untreated water available to TM, casualty or any other cause beyond
the reasonable control of the parties so failing, providing due diligence is used
by TM in curing such cause and in resuming performance.

7.5                    Water User Agreement And
Water Treatment Plant Financing Agreement. To the extent
relevant hereto, the terms and conditions of the Water User Agreement and Water
Treatment Plant Financing Agreement entered into by the parties shall be
incorporated herein by reference as if fully set forth, to the extent they are
consistent with this Water Supply Pipeline Agreement.

7.6                    Notices. All notices given or required
under this Agreement shall be in writing and may be delivered personally, by
overnight courier or by placing in the United States mail, first-class and
certified, return receipt requested, with postage prepaid and addressed:

If to Millennium, at the following address:

 4
 

Millennium Ethanol, L.L.C.

P.O. Box 357 

Marion, South Dakota 57043

provided that copies of
notices pertaining to a failure on the part of Millennium to perform in
accordance with the terms of this Agreement shall be sent to Millennium’s
representative, and to such other persons as may be designated in writing by
Millennium.

If to TM, at the following address:

TM
Rural Water District

P.O. Box 445
 Parker, SD 57053-0445

provided that copies of
notices pertaining to a failure on the part of TM to perform in accordance with
the terms of this Agreement shall be sent to the TM Manager, and to such other
persons as may be designated in writing by TM.

Notices delivered by mail
shall be deemed effective three (3) business days after mailing in accordance
with this section. Notices delivered personally or by overnight courier shall
be deemed effective upon receipt or refusal. Either party may change its
addresses for purposes hereof by notice given to the other party as herein
provided.

7.7                    Whole Agreement. This Agreement and the
Water User Agreement contemporaneously signed herewith shall constitute the
entire agreement between the parties as to the matters provided for herein, and
no inducements, considerations, promises, or other references shall be implied
in this Agreement that are not expressly addressed herein.

 5
 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Agreement on the day and year first
above written.

	
  

  	
   

  	
   

  	
   

  	
  TM RURAL WATER DISTRICT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  BY:

  	
      /s/ [Illegible]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
      Its President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2-26-07

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DATE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Steven Knutson

  	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  MILLENNIUM ETHANOL, L.L.C

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  BY:

  	
  /s/ Dennis J. Koerner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  TITLE

  	
  President

  	
   

  	
   

  
											

 

STATE OF SOUTH DAKOTA

SS

COUNTY OF TURNER

On this the 25th day of January,
2007, before the undersigned officer, personally appeared Dennis J.
Koerner, known to me or satisfactorily proven to be the person whose name is
subscribed to the within instrument and acknowledged that he executed the same
of the purposes therein contained.

In witness whereof I have
hereunto set my hand and official seal.

	
  

  	
   

  	
  /s/ Robin R. Smith

  
	
   

  	
   

  	
  Notary Public, South Dakota

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (SEAL)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  My commission
  expires

  	
  4/10/11.

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 6

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