|
RESOLUTIONS OF THE BOARD OF DIRECTORS
<br />OF THE HENRY BOLEN DITCH COMPANY
<br />The Board of Directors of The Henry Bolen Ditch Company (Company), a meeting held
<br />�tJdt/+�►3 � 2, 2004, at /'')�ioS , Colorado, adopted the following resolutions
<br />concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
<br />the purpose of installing a new pipeline to increase ditch efficiency and reduce saliniiy
<br />impacts on the downstream rivers including the Colorado River, in the amount of $520,150
<br />or such actual amount, more or less, as may be needed by the Company and available from the
<br />CWCB including the CWCB loan origination fee of 1% of the loan amount.
<br />At said meeting, the Board charged that these resolutions are irrepealable during the term
<br />of the loan and, pursuant to the Company's by(aws, authorized the President and Corporate
<br />Secretary, RESOLVED as follows.
<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 $520,150, or such actual amount, more or less, as needed to
<br />finance the project costs, including the CWCB loan origination fee of 1%, and
<br />2. to levy and collect assessments from the Members in an amount sufficient to pay the annual
<br />amounts due under the Loan Contract, and to pledge assessment revenues and the Company's
<br />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 ConnP�vvY
<br />revenues, and
<br />4, to make the annual payments required by the promissory note and to make annual deposits to
<br />a debt service reserve fund, and
<br />5. to pledge the Company's interest in the Project, including approximately 13,000 feet of pipeline
<br />and associated access easements, as collateral for the loan and execute all documents,
<br />including a security agreement and deed of trust, necessary to convey a security interest in said
<br />property to the CWCB, 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, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
<br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
<br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
<br />COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE �_ DAY OF �U��'ric13��_2004.
<br />;,� ,
<br />`L :�` � �� 4 {� y;,
<br />.k� . 1 . 4 5 � `. � :•
<br />r
<br />�°. ���,�, �, �<)
<br />_ :`,�`� �; y � �`'_,'=
<br />- A , s ' '� `-
<br />.C`1 ) .
<br />.:�f��//J �• •� � � .
<br />l�..���� cott, ecretary-Treasurer
<br />By •
<br />Raymond Keith, President
<br />Appendix 3b to Loan Contract C150179
<br />
|