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<br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE ARKANSAS GROUNDWATER USERS ASSOCIATION <br /> <br />Concerning a loan in amount of $25,000 from the State of Colorado Water <br />Conservation Board (hereafter referred to as the STATE), for the purpose of conducting <br />a feasibility study to evaluate alternatives for substitute supply plans for our members <br />using water from aquifers tributary to the Arkansas River, the following resolutions <br />were adopted by the Board of Directors of the ARKANSAS GROUNDWATER USERS <br />ASSOCIATION (hereafter referred to as the COMPANY), at a meeting held on <br />/JP- L (, __ .' 19~5, at ~~ 1" _ ' C~lorado, <br />and such resol.utlons are Irre~ealable durr~;~lt~e. ~~feo~et.1\\ .... The Board of Directors <br />hereby authorize the followIng: '4/~ ~~~ <br /> <br />a. RESOLVED, to contract for this loan d~btl:r#U.~ orize the President and <br />the Secretary to pay the indebtedness on behal~ COMPANY, and <br /> <br />c, RESOLVED, to make and levy assessments sufficient to payoff the loan <br />contract pursuant to its terms. and to discharge this lawful indebtedness, and <br /> <br />d. RESOLVED, to set aside this assessment revenue in a special fund separate <br />and apart from other COMPANY revenues to assure repayment of this revenue <br />to the STATE, and <br /> <br />e. RESOLVED, to sign a security interest in such assessment revenues in favor <br />of the STATE to secure the repayment, <br /> <br />Dated this -2/ day of <br /> <br />lJec <br /> <br />, 1995 <br /> <br />Arkansas Groundwater Users Association <br /> <br />By /,( ~ <br />Dick Evans, President <br /> <br />ATTEST: <br /> <br />j~rY~ <br />