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<br />RESOLUTI ON <br /> <br />A RESOLUTION AUTHORIZING THE BOARD OF DIRECTORS <br />OF THE SAN LUIS VALLEY CANAL COMPANY TO APPLY FOR <br />CONSTRUCTION FUNDS FROM COLORADO WATER CONSERVATION <br />BOARD <br /> <br />WHEREAS, the stockholders of the San Luis Valley Canal Company have <br />approved in concept the replacement of a deteriorating concrete structure located <br />at SE1/4, Section 35, Township 39N, Range 8 E, and <br /> <br />WHEREAS, plans for this project have been forwarded to Colorado Water <br />Conservation Board, and <br /> <br />WHEREAS, a Resolution by the Stockholders of said Canal Company has <br />been approved from the floor of the Annual Meeting held on January 13, 1997 <br />authorizing the Board of Directors of said Canal Company to borrow the funds <br />necessary to complete the proposed structure from the Colorado Water Conservation <br />Board in an amount up to $200,000 at 3.75% interest for a period of 30 years; and <br /> <br />WHEREAS, a motion was duly made from the floor by Leonard Velasquez, and <br />seconded by Hisayoshi Ota, and voted on affirmatively by all stockholders present, <br />how, therefore, <br /> <br />BE IT RESOLVED by the Stockholders of the San Luis Valley Canal Company, <br />Mosca, Colorado: <br /> <br />!. That we, the stockholders of the San Luis Valley Canal Company <br />hereby approve the securing of funds in an amount up to $200,000 for 30 years <br />at a rate of 3.75% interest <br /> <br />2. That we, the stockholders of the San Luis Valley Canal Company <br />authorize the Board of Directors to sign the application to the Colorado Water <br />Conservation Board <br /> <br />APPROVED, PASSED AND ADOPTED this 13th day of January, 1997 <br /> <br />SAN LUIS VALLEY CANAL COMPANY <br /> <br />By: ~ k/ J~io <br /> <br />George . Kirkpatrlck <br />Vice President, Board of Directors <br /> <br />ATTEST: <br /> <br />~<~ <br /> <br />Dorothy K. MOrg~ <br />Secretary to the Board of Directors <br />