Laserfiche WebLink
<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE lAKE ARROWHEAD WATER ASSOCIATION <br /> <br />The Board of DireytorjOf the Lake Arrowhe~d Water Association (Association), at a <br />meeting held L(;I () 03 ,at Greeley, Colorado, adopted the following resolutions <br />concerning a loan in the amount of up to $300,000, not to exceed 75% of actual <br />construction costs, from the State of Colorado Water Conservation Board (CWCB), for the <br />purpose of rehabilitation of the Lake Arrowhead Reservoir Dam. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the <br />term of the loan and, pursuant to the Association's bylaws, authorized the President and <br />Corporate Secretary, RESOLVED as follows. <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $300,000, or such actual amount, more or less, as <br />needed to finance up to 75% of the project costs, and <br /> <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 />Association's right to receive said revenues for repayment of the loan, and <br /> <br />3. to place said pledged revenues in a special account separate and apart from other <br />ASSOCIATION'S revenues, and <br /> <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 /> <br />5. to pledge certain property of the Association as collateral for the loan and execute the deed <br />of trust to convey a security interest in said property to the CWCB, and <br /> <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 /> <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 /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />ASSOCIATION'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />ASSOCIATION'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE ~ DAY OF A Dr, / J.... 003 2001. <br /> <br />By c!~ tI~ <br />( SEA L ) , President <br />ATTEST: <br /> <br />By' ~ ~ ---- <br />X, Corporate Secretary <br /> <br />Appendix 3b to Loan Contract C150113 <br />