LPPD000414

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE BOARD OF DIRECT~S ~D

OF THE WINDSOR RESERVOIR & CANAL co~Nv '1;'1 r,. lr

The Boar\! of Directors of The Windsor Reservoir & Canal Company (Company), a~~~,6
ffiCl.rrb "1 ) , 2003, at Eaton, Colorado, adopted the following resolutions "
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
the purpose of recovering 620 acre-feet of storage in the Windsor Reservoir No. 8 and No. 8
Annex by excavating and removing up to 1,000,000 cubic yards of sediment, in the amount of
$675,000 or such actual amount, more or less, as may be needed by the Company and
available from the CWCB, in addition to the CWCB's loan service 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 $675,000, or such actual amount, more or less, as
needed to finance the project costs, plus the CWCB's loan service fee of 1 % of the loan
amount 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 to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other
COMPANY revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits
to a debtserviGe reserve fund, and
5. to pledge as collateral the Company's property consisting of the Windsor No. 8 Reservoir
and No.8 Annex and to execute a deed of trust to convey a security interest to the CWCB
in said property, and
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DUL'f 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 ~r2003.

::~~~ /

arry Anderson, President

CORPORATE
SEAL

B

Appendix 3 to Loan Contract C150151