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RESOLUTION 2008 - 1 <br />WHEREAS, the Beaver Reservoir Company has performed <br />maintenance and construction work which requires the District to <br />borrow funds for payment of the costs thereof; and <br />WH�REAS, the Beaver Reservoir Company has made application <br />with and been approved by the Colorado Water Conservation Board to <br />increase the current loan by $355, 000 . 00 for a total loan amount in <br />the amount of $510,035 with repayment terms of 2.5o interest per <br />annum for 30 years, with a 1% service fee; and <br />WHEREAS, the Board of Directors of the Beaver Reservoir <br />Company has determined it to be in the best interests of the <br />District to accept the loan and authorize the execution of <br />necessary documentation by representatives of the District so that <br />the loan can be funded, received by the District and the project <br />performed. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of <br />the Beaver Reservoir Company that: <br />5. Beaver Reservoir Company is a legal, valid and current <br />District formed under the laws of the State of Colorado. <br />6. Beaver Reservoir Company has full power and authority to <br />enter into the Loan Contract proposed by Colorado Water <br />Conservation Board, including Appendices or to be proposed. <br />7. The President and Secretary of the Beaver Reservoir <br />Company are hereby authorized to execute and deliver the aforesaid <br />Loan Contract, as well as any and all other documentation necessary <br />or desirable to complete the loan process, and the Beaver Reservoir <br />Company shall perform and observe the terms, conditions and <br />obligations of said Loan Contract and its appendices. <br />���,N � , <br />Resolved and executed thisc�V�"� day of'`�� 2008, by the <br />Directors of the Beaver Reservoir Company. <br />� 1��� �� <br />