C150190 Contract

• Contract/PO #: C150190
• Contractor Name: Beaver Reservoir Company
• Contract Type: Loan
• Water District: 59
• County: Gunnison
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF BEAVER RESERYOIR COMPANY
The Board of Directors of Beaver Reservoir Company (Company), a meeting held
June 16, 2005, at Paonia, Cotorado, adopted the following resolutions conceming a
secured toan from the State of Colorado Water Conservation Board (CWCB), to repair
and protect the Beaver Reservoir liner and install a new outlet valve in the amount of
$129,785 or such actual amount, more or tess, as may be needed by the Company and
availabte from the CWCB including the CWCB loan origination fee of 1% of the loan
amount. The Board consists of representatives of the three shareholders of the
Company: (1 } the Minnesota Canal and Reservoir Company, (2} Tumer Ditch Company,
and (3) the Lone Cabin Ditch and Reservoir Company.
At said meeting, the Board charged that these resotutions are iRepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the President
and Carporate Secretary, RESOLVED as follows.
1. to enter into and comply with the terms of a contract with the Colorado Water
Consenration Board for a loan in the amount of $129,785, or such ac#uai amour�t, mor+e
or less, as needed to finance the project costs, including the CWCB loan origination fee
of 1 °10, and
2. to levy and collect asssssments from the shareholders in an amount sufficient to pay
the annual amounts due under the Loan Contract, and to pledge assessment revenues
and the Company's right ta receive saici revenues for repayment of the loan, and
3. to place said pfedged revenues in a speaal account separate and apart from other
COMPANY revenues, and
4. to make the annual payments required by the promissory note and to make annual
cleposits fo a debt service reserve fund, and
5. to pledge the assessment revenues, Beaver Reservoir, and its associated storage
rights, as collateral for the loan and execute all documents, including a security
agreement and deed of trust, nes:essary to convey a security interest in said property to
the CWCB,
6. ta 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 nec�ssary
to cansummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND TNE CORPORATE SECRETARY HEREBY CERTIFY
THAT THE FOREGOfNG ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HEL� AS ABOVE
RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT
BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY Tt-IE 16TN DAY OF JUNE 2005.
(SEAL)
By m �OL �,. _ �
A EST: ,^ Tom Gillespie� President
,
Briscoe! C'orporate Secretary
Appendix 3 to Loan Contract C150190