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<br />RESOLUTION 2004 - 1 <br /> <br />WHEREAS, the Orchard City Irrigation District is going to <br />perform maintenance and construction work which requires the <br />District to borrow funds for payment of the costs thereof, and <br /> <br />WHEREAS, the Orchard City Irrigation District has made <br />application with and been approved by the Colorado Water <br />Conservation Board for a loan in the amount of $93,122.00 with <br />repayment terms of 2.50% interest per annum for 30 years, or 2.25% <br />interest per annum for 20 years, or 2.00% interest per annum for 10 <br />years, and <br /> <br />WHEREAS, the Board of Directors of the Orchard City <br />Irrigation District has determined it to be in the best interests <br />of the District to accept the loan and authorize the execution of <br />necessary documentation by representatives of the District so that <br />the loan can be funded, received by the District and the project <br />performed~ <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of <br />the Orchard City Irrigation District that: <br /> <br />1. Orchard City Irrigation District is a legal, valid and <br />current District formed under the laws of the State of Colorado. <br /> <br />2. Orchard City Irrigation District has full power and <br />authority to enter into the Loan Contract proposed by Colorado <br />Water Conservation Board, including Appendix 1 to the Loan Contract <br />(Project Summary), Appendix 2 to the Loan Contract (Promissory <br />Note), Appendix 3 to the Loan Contract (this Resolution) and <br />Appendix 4 to the Loan Contract (Security Agreement) . <br /> <br />3 . The President and Secretary of the Orchard City Irrigation <br />District are hereby authorized to execute and deliver the aforesaid <br />Loan Contract, as well as any and all other documentation necessary <br />or desirable .to complete the loan process, and. the Orchard City <br />Irrigation District shall perform and observe the terms, conditions <br />and obligations of said Loan Contract and its appendices. <br />sr -\ <br />Resolved and executed this 2./ -- day of oaUk...j , 2004, by the <br />Directors of the Orchard City Irrigation District. <br /> <br /> <br />t~ <br />1J"v~~ $- CJ c/ <br />,p~ <br /> <br />APPENPIX 3 to Loan Contract C150169 <br />