C150113 contract

• Contract/PO #: C150113
• Contractor Name: Lake Arrowhead Water Association
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS

OF THE lAKE ARROWHEAD WATER ASSOCIATION

The Shareholders of the La~ Arrowhead Water Association (Association), at a
Shareholders' meeting held ~/t? 0:3 at Greeley, Colorado, adopted the following
resolutions concerning a secure loan from the State of Colorado Water Conservation Board
(CWCB), for the purpose of rehabilitation of the Lake Arrowhead Reservoir Dam, in the amount
of $300,000 or such actual amount, more or less, as may be needed by the Association and
available from the CWCB for up to 75% of the actual project costs.

At said meeting, the Shareholders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Association's bylaws, authorized the Board of
Directors and officers, 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 $300,000, or such actual amount, more or less, as
needed to finance up to 75% of the project costs, 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'S 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 certain property of the Association as collateral for the loan and execute the deed
of trust 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, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE ASSOCIATION, HEREBY
CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE ASSOCIATION'S SHAREHOLDERS 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 f\pr/l :J. 003

(SEAL) Bydk~~

ATTEST:
By P~<.J< ~~_ -
X, Corporate Secretary

App~ndix 3 to Loan Contract C150113