LPPD000277

• Contract/PO #: C153767
• Contractor Name: River Oaks on the Roaring Fork Property Owners Association
• Contract Type: Loan
• Water District: 38
• County: Eagle
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

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RECEIVFr
JUt 1 8 1997

RESOLUTION of the MEMBERS of the
RIVER O,6~KS ON THE ROARINa FORK
PROPERTY OWNERS ASSOCIATION, INC.

Colorado Walel
Conservation 80am

Com~erning l5 loan in the amount of up to $25,600 from the Stlte of Colorado Wator
Consarvation Board (STATE), for tho purpose of oonstruoting Iii r~w water irrigstlon
syst~m, tne following resolution, were adopted by the Members of the River Oaks c,.n
the Hoaring fork Property Owner~ A !ll!llnclation , 1M. (ASSOC.IATI(')NI, Frt A 1\.11 P.mhP. rs:
meeting held February 3, 1997. at Basalt. Colorado. The Members herebv chElrge that
these resolutions be Irrepealable during LIte IIf6 o'f L118 loan and horouy aUThorili,'l the
SQQrd of Manegers as follo\'\'s:

1. RESOLVED, to enter into :3 contract with the Coloredo Water Connerv9tion board
for a loan in the amount of up to $25,500, and to comply with till the terms of
T.he loan contract, and

2. RESOLVED, to make end levv at(t uffici t to pay the amounts for rhA
~nnual JOl!ln payment and the delJal 0 the r t service fund due und$r
thtl lUdll Conlri::u.;l, and "iA

3. RESOLVED, to piece aS5c:n,em4~nul pledged to make ~nnualloM p<:lyrr;,'n~.:::';
end to make ennual depoaits ;M~serve debt seNice>' fund in a spec:il;ll acoount
eepari:lte and opert from other ASSOCIATION reV$I"IUC3, und

4. RESOLVED, to make annual paym.nts and to mak€l jannl.lal deposits t,:,. a dl!lbt
service r8l1}8rve fund in accordance with the loan contraot, and

5. RESOLVED. to obtain 8 certificate of deposit to serve as collateral in the amount
of one anrlual loan payment of up to $3,262,39 as security for the loan, and 1:0
e:x.~l,;ule an as~iwnment or oertificate of deposit in i:H.:cordance with the ioar':
contract, and .

6. RESOLVED, to execute a security agreement to secure the revenue5 pledged t:o
repay the loan.

Adoptlld this 3rc day of February 1997.

The ASSOCIATION hersby C':p.rtifies that 'j':iJ% or more MAmh~r~JLot ()wn~rR have
adopted this resolution .

River O(;lk.:Ii on the Roaring Fork.
Property Owners Associatiorl, Inc.
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A TJE5j1 ~ C
(; ~ . . \ ~
By / Ck,..~().,\QtU // _.
Jemi \ e raux, Secr"tary l
\, Appendix A to Loan Contract #C153767