Iowa LLC Operating Agreement
Category: 270 Legal Recent Posts, LLC, Operating Agreement
OPERATING AGREEMENT
OF
BIG RIVER RESOURCES GRINNELL, LLC
THIS OPERATING AGREEMENT is hereby adopted and entered into effective as of February 1, 2007, by and between Big River Resources, LLC, an Iowa limited liability company (“Big River”) and US BioEnergy Corporation, a South Dakota corporation (US BioEnergy), each a “Member” and collectively, the “Members,” pursuant to the provisions of the Act (as defined below), on the terms and conditions set forth herein.
RECITALS
The Members have caused Big River Resources Grinnell, LLC (the “Company”) to be formed for the purpose of developing, constructing, owning and operating a 100 million gallon per year, natural gas-fired dry grind ethanol production facility near Grinnell, Iowa (the “Project”).
In consideration of the foregoing and the mutual covenants and promises contained herein, the Members agree as follows:
SECTION 1
THE LIMITED LIABILITY COMPANY
1.1 Formation and Agreement.
The Members have caused the Company to be formed as an Iowa limited liability company pursuant to the provisions of the Act. The Members hereby agree that this Agreement constitutes an “operating agreement” within the meaning of section 490A.102 of the Act. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provisions, this Agreement, to the extent permitted by the Act, shall control.
1.2 Name.
The name of the Company shall be Big River Resources Grinnell, LLC, and all business of the Company shall be conducted in such name, provided that a tag line such as “a joint venture with US BioEnergy” or other reference to US BioEnergy that identifies US BioEnergy’s ownership and involvement with the Company shall be used with the name of the Company in the conduct of all business of the Company. The name of the Company may be changed from time to time by the Members in accordance with the Act.
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