C150175 Contract

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

a
RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE 3T CATTLE COMPANY, INC.
The Board of Directors of the 3T Cattle Company, Inc. (Company), at a meeting held
t 11 , 2004, at Fort Morgan, Colorado, adopted the following resolutions
con erning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
the purpose of purchasing five shares of Weldon Valley Water 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 meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, 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 Valley 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
TFiE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS 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COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 LL I �� r� 2004.
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President
Appendix 3b to Loan Contract C150175