C150175 Contract

• Contract/PO #: C150175
• Contractor Name: 3T Cattle Company
• Contract Type: Loan
• Water District: 1
• County: Morgan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF THE 3T CATTLE COMPANY, INC.
The Shareholders of the 3T Cattle Company, Inc. (Company), at a Shareholders' meeting
held C� r� ��, F� /� , 2004, at Fort Morgan, Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
purpose of purchasing five shares of Weldon Valley Ditch Company for water to augment existing
wells in the amount of $249,975 or such actual amount, more or less, as may be needed by the
Company and available from the CWCB including the CWCB loan origination fee of 1% of the loan
amount.
At said rneeting, the Shareholders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, RESOLVED as follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $249,975 , or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1%, and
2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual
amounts due under the Loan Contract, and
3, to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
4. to pledge the five shares of Weldon Valfey Ditch Company as collateral for the loan and
execute all documents, including a deed of trust and assignment, necessary to convey a
security interest in said property to the CWCB,
5. to execute all documents as required by the loan contract, including, but not limited to, a
Promissory Note, and �
6. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE � DAY OF �� 2004.
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ATT��':•�'. . �,�� �' � fJ �
By
I Averch, Corporate Secretary
Appendix 3a to Loan Contract C150175