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<br />Resolutions of the Shareholders of Stieb Bros., Inc. <br /> <br />.11. Thr Sh~eholders of Stieb Bros., Inc~,.(,((ompany), at a Shareholders' meeting held <br />~~ f- ./ ~') ,2003, at r J i1:t: ,Colorado, adopted the following <br />re8alutions concerning a secured loan from the State of Colorado Water Conservation <br />Board (CWCB) in the amount of $151,500 or such actual amount, more or less, as may <br />be needed by the Company and available from theCWCB in addition to the CWCB loan <br />origination fee of 1 % of the loan amount, for the purpose of construction of a recharge <br />project to augment existing wells. <br /> <br />At said meeting, the Shareholders charged that these resolutions are irrepealable <br />during the term of the loan and authorized the Board of Directors and officers, <br />RESOLVED as follows: <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $151,500, or such actual amount, more <br />or less, as needed to finance'the project costs, plus the CWCB loan origination fee of <br />1 %, and <br /> <br />2. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and. <br /> <br />3. to pledge or cause to be pledged property with a value equal or greaterthan the amount of <br />the loan and to take all actions necessary for the conveyance of a security interest in said <br />property to the CWCS, and . <br /> <br />4. to execute all documents as required by the loan contract, including, but not limited to, a <br />Promissory Note, and <br /> <br />5. to take such other actions and to execute such other documents as may be necessary <br />to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <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 meeting of <br />the Company's shareholders duly called and. held. as above recited, and that said <br />'--..-') resolutions have not been amended or rescinded. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE -2LDA Y OF ~ 2003. <br /> <br />(SEAL) <br /> <br />By <br /> <br />o~,.:/J .21Iflh" fJ~. <br />Basil Stieb, President <br /> <br />ATTEST: <br /> <br /> <br />Appendix 3a to Loan Contract C150136 <br />