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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE SURFACE CREEK DITCH & RESERVOIR COMPANY <br /> <br />The Board of Directors of the Surface Cr~ek Ditch & Reservoir Company (Company), a meeting <br />held Fe h n LJ ('Lit fr /7 , 2003, at ({J an. -e cla e.- _' ,Colorado, adopted the following <br />resolutions concern ng a secured loan rom the state' of Colorado Water Conservation Board <br />(CWCB), for the purpose of rehabilitation of Hotel Twin Reservoir Dam in the amount of $265,000 <br />or such actual amount, more or less, as may be needed by the Company and available from the <br />CWCB. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, 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 $265,000, or such actual amount, more or less, as needed <br />to finance the project costs, and <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 />Company's 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 COMPANY <br />revenues, and. <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 />5. to execute a deed of trust to convey a security interest to the CWCB in the Company's Hotel <br />Twin Reservoir and Dam, 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COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 COMPANYTHE~ DAY OF Ftbnu.ail..f 2003. <br /> <br />(SEAL) <br /> <br />By ~..P/~ (} 7~~ <br />Ellis Fritchman, President <br /> <br />ATTEST: . <br /> <br />By f AL1.-eA1-11,C};4,h,d4-l <br />Chuck Richards, Corporate Secretary <br /> <br />Appendix 3 to Loan Contract C150125 <br />