Laserfiche WebLink
<br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE ELMWOOD LATERAL DITCH CO. <br /> <br />Concerning a loan in the maximum amount of $80,000 from the State of Colorado Water <br />Conservation Board (hereafter referred to as the STATE), for the purpose of financing <br />approximately 30% of the cost of placing their ditch in a pipeline as part of the salinity <br />control program for the Elmwood Lateral Ditch Co., the following resolutions were <br />(unanimously) adopted by the Board of Directors of the Elmwood Lateral Ditch Co., (hereafter <br />referred to as the BORROWER), at a meeting of the Board of Directors held -:J" ;,J W\ e- ~ 7 ' <br />1994, at Fruita, Colorado. <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the BORROWER to contract <br />for this loan debt, and authorizes the President and the Secretary to pay the <br />indebtedness on behalf of the BORROWER, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the BORROWER to execute <br />the deed of trust as security required by the STATE, as specified in the Security Interest <br />provisions of this contract, and <br /> <br />c. RESOLVED, thatthe Board of Directors hereby authorize_AoT .ER to make and <br />levy assessment(s) sufficient to payoff this contract 10an.JU~~ ..~... s terms, and <br /> <br />d.. RESOLVED, that the B~ard of Dir.ectors hereby aul.1tM"s t~Rfc;WE~,tO set aside <br />thiS assessment revenue In a specl~1 fund separate aitd'~"r 1feJJ\f,e,~rfWr. BORROWER <br />revenues to assure repayment of thiS revenue to the STATE, and"' <br /> <br />e. RESOLVED, that the Board of Directors hereby authorizes the BORROWER to sign a <br />security interest in such assessment revenues in favor of the STATE to secure the <br />repayment. <br /> <br />Dated this ~ day o-;::r~ 1994 <br /> <br />ATTEST: <br />}J It Vl'lJ-. ~~? <br /> <br /> <br />A TT ACHMENTS\Elmwood.res <br /> <br />APPENDIX A <br />