Laserfiche WebLink
RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE AMITY MUTUAL IRRIGATION COMPANY <br />The Shareholders of the Amity Mutual Irrigation Company (Company), at a Shareholders' <br />meeting held March 4, 2002, at Holly, Colorado, adopted the following resolutions concerning a <br />secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />rehabilitation of the Neenoshe Reservoir dam, in the amount of $360,000 or such actual amount, <br />more or less, as may be needed by the Company for up to 90% of project costs. <br />At said meeting, the Shareholders charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and <br />officers, RESOLVED as follows: <br />1. To enter into and comply with the terms of a contract with the CoVorado Water Conservation <br />Board for a loan in the amount of $360,000, or such actual amount, more or less, up to 90% <br />of project c�sts, and <br />2. To levy and collect assessments from the shareholders in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and <br />3. To place said pledged revenues in a special account separate and apart from other CoMPaNY <br />revenues, and <br />4. To make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br />5. To execute a deed of trust to convey a security interest to the CWCB in certain property <br />owned by the Company, and <br />6. To execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. To take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETtNG OF THE <br />C(�I�JIP�IVI"'S �SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />r1 � , <br />.�:~�Y�W�';,AN�D;T�1A.T SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />, Y , �IY��1�f�pER b.UF� HANDS AND THE SEAL OF THE COMPANY THE y DAY OF MARCH 2O02. <br />:y. x :r , . <:: , <br />y � . � K . <br />, .� �,, �'� g _ <br />':� ��, - B <br />'� : � , Y <br />��� � �,��zq � j', eith Clark, President <br />����� =�. � .�::�. �� �:� <br />' ����f� � �. <br />': ��, Q �� � � ,�,��'''_ <br />��;: �- <br />: By <br />or rate ecretary <br />Appendix 3a to Loan Contract C150099 <br />