LPPD000464 - Laserfiche WebLink

Home Browse Search

RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE UPPER SURFACE CREEK DOMESTIC WATER USERS ASSOCIATION The Board of Directors Of the UPPER SURFACE CREEK DOMESTIC WATER USERS ASSOCIATION (Association) at a meeting held April 12, 2004, at Cedaredge, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of construction of the diversion structure and raw water pipeline portion of the new water treatment plant in the amount of $163,802 or such actual amount, more or less, as may be needed by the Association and available from the CWCB including the CWCB loan service fee �f 1% of the Ioan amount. At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the Association'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 $163,802, or such actual amount, more or less, as needed to finance the project costs, including the CWCB loan service fee of 1%, 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 Association'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 Association revenues, and 4. to make the annual payments required by the promissory note and to make annual deposits to a debt service reserve fund, and 5. to pledge the diversion structure and raw water pipeline as collateral for the loan and execute all documents, including a deed of trust, necessary to convey a security interest in said property to the CWCB, 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 DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. �,� GIVEN;UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE ��"�DAY OF 2004. �;F e b` - '' . � S'�f%`� � � � � �� t��, �� ° � By , � ;�; �� F ' � o Y Gerald L. Figueroa resident A>T�ES.I': . 1 t;' � �_� ��? ` By /l>�� _ ��c.c.� Dan A. Hawkins, Corporate Secretary Appendix 3 to Loan Contract C150173