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<br />By <br /> <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF BIJOU IRRIGATION DISTRICT <br /> <br />WHEREAS. the Bijou Irrigation District (District). in Morgan and Weld Counties. Colorado, <br />is an Irrigation District organized under the Irrigation District law of 1905 (C.R.S. 37-41-101 to <br />-160). dUly organized under the constitution and laws of the State of Colorado; and <br />WHEREAS, the District was authorized~ursuant to a special election of the qualified <br />electors of the Olstrict. dUly called and hetd 0 . . ill. 2006. to incur indebtedness in the <br />aggregate principal amount of $672.660. with a te of repayment of 30 years at 2.5% annual <br />interest rate, for the purpose of rehabilitating Empire Reservoir; and <br />WHEREAS. the Department of Natural Resources. Colorado Water Conservation Board <br />("CWCB") has issued ils loan commitment to finance a loan to the District to rehabilitate Empire <br />Reservoir. subject to the District's compliance with applicable statutes regarding the authortzatlon <br />to incur debt; and <br />WHEREAS. the Board of the District has determined that It Is in the best interest of the <br />District to rehabilitate Empire Reservoir with funds obtained from the CWCB according to the <br />terms of the loan commitment. <br />NOW THEREFORE, be it resolved by the District as follows: <br /> <br />O. THE Board of the District hereby authorizes and directs the President. Donald <br />Neb. and the Secretary. Kathy Samples. to execute and deliver on behalf of the <br />District a Loan Contract. Promissory Note. Pledge of Revenues and Such other <br />documents referenced in the loan commitment and required to obtain the CWCB <br />loan. <br /> <br />O. This resolution was authorized by the Board at its regular meeting held on5t>Dl.. <br />~. 2006 and will remain in effect until termination and defeasance of the Cwes <br />loan. <br /> <br />By <br /> <br /> <br />CERTIFICATION <br />THE UNDERSIGNED. THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE <br />TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD <br />OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED AND THAT SAID ~:::~E NOT <br />BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OFTHE DISTRICT THE ~ DAY OF 2006. <br /> <br /> <br />[)~OQ~ <br /> <br />Donald Neb, President <br /> <br />(SEAL) <br /> <br />Appendix 3 to Loan Contract C150199 <br />Page 1 of 1 <br />