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PROJ01979
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PROJ01979
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Last modified
6/15/2011 10:13:39 AM
Creation date
7/3/2007 11:18:53 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150201
Contractor Name
Carpenter and Mitchell Ditch Company
Contract Type
Loan
Water District
71
County
Montezuma
Loan Projects - Doc Type
Contract Documents
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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF CARPENTER AND MITCHELL DITCH COMPANY, INC. <br />The Board of Directors of Carpenter and Mitcheil Ditch Company, Inc. (Company), a <br />meeting held ~, 2005, at 1 n~ Colorado, adopted the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), to <br />improve the ditch by installing a pipe and appurtenances to improve ditch efficiency and reduce <br />salinity impacts in the Colorado River in the amount of $607,200 or such actual amount, more or <br />less, as may be needed by the Company and available from the CWCB including the CWCB loan <br />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 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 $607,200, 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 shareholders 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 CoMPa~tY <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 dacuments, <br />including a security agreement and deed of trust, necessary to convey a security interest in said <br />property to the CWCB; <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 />CON~R~'Nl~'S~ B1l,LAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />S4ti - t .. . ~1 . <br />,C,'~1'~l~N {JFVD~~2~OCJF~ 4iANDS AND THE SEAL OF THE COMPANY THE ~ r~ DAY OF 2005. <br />~ ~~ <br />z ~. ' ~ <br />~: ~ (~ S L ,Q L )~~ ~ <br />~ o yy ~ ~.-~ ~ ` _ BY <br />~ ~~~• ~' Eldon Simmons, President <br />' Afi`TES~ ~,'° <br />~: .~ <br />:~:,t~. <br />By <br />Sheryl Bruce, ecretary-Treasurer <br />Appendix 3b to Loan Contract C150201 <br />
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