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C150150 Contract
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C150150 Contract
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Last modified
3/27/2014 11:06:58 AM
Creation date
3/26/2007 10:19:10 PM
Metadata
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Loan Projects
Contract/PO #
C150150
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Bent
Loan Projects - Doc Type
Contract Documents
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<br />RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />LOWER ARKANSAS WATER MANAGEMENT ASSOCIATION REGARDING A <br />LOAN FROM THE COLORADO WATER CONSERVATION BOARD FOR THE <br />PURCHASE OF ONE-HALF OF THE KEESEE WATER RIGHTS <br /> <br />Concerning a loan in the amount of up to $2,272,500.00 from the State of <br />Colorado Water Conservation Board (hereinafter referred to as the CWCB), for'the purposes of <br />purchasing one-half of the Keesee water rights; the Lower Arkansas Water Management <br />Association ~inafter referred to as the Association), at a meeting of the Board of Directors <br />held January - 2004 at 307 Fifth Street, Lamar, Colorado, <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the purchase <br />of one-half of the Keesee water rights as further specified in the water <br />rights purchase and sale agreement between the Association and Mary <br />Alice Broyles, Jake O. Broyles Trust No.1, and Prowers Enterprises, LLC <br />dated April 2, 2003, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the <br />Association to contract with the CWCB for this loan debt, and authorizes <br />the President and Secretary to pay the indebtedness on behalf of the <br />Borrower, and <br /> <br />c. RESOLVED, that the Board of Directors hereby authorizes the <br />Association to make and levy assessment(s) sufficient to repay this loan <br />pursuant to the terms of the contract and to discharge this lawful <br />indebtedness, and <br /> <br />d. RESOLVED, that the Board of Directors hereby authorizes the <br />Association to set aside this assessment revenue in a special fund separate <br />and apart from other Borrower revenues to assure payment of this revenue <br />to the CWeB, and <br /> <br />e. RESOLVED, that the Board of Directors hereby authonzes the <br />Association to execute a Promissory Note required by the CWCB, as <br />specified in the Promissory Note provisions of the contract, and <br /> <br />f. RESOLVED, that the Board of Directors hereby authorizes the <br />Association to execute a UCC Security Agreement required by the <br />CWCB, as specified in the Pledge of Property provisions of the contract, <br />and <br /> <br />g. RESOLVED, that the Board of Directors hereby authorizes the <br />Association to execute deed(s) of trust required by the CWCB, as <br />specified in the Collateral provision of the contract. <br /> <br />Appendix 3 to Loan Contract C150150 <br />
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