Laserfiche WebLink
RESOLUTIONS OF THE MEMBERS <br />OF THE MANCOS VALLEY BEAVER DiTCH COMPANY <br />The Members of The Mancos Valley Beaver Ditch Company (Company), at a Members' <br />rneeting held ~-~~- oj' , 2004, at ma~c o~ , Colorado, adopted the following v~'O <br />resolutions concerning a secured loan from the State of Colorado Water Consenration Board <br />(CWCB), for the purpose of installing a new pipeline to increase ditch efficiency and reduce salinity <br />impacts on the downstream rivers including the Colorado River, in the amount of $417,130 or such <br />actual amount, more or less, as may be needed by the Company and available from the CWCB <br />including the CWCB loan origination fee of 1% of the loan amount. <br />At said meeting, the Members charged that these resolutions are irrepealable during the <br />term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and <br />officers, 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 $417,130, 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 eollect assessments from the Members in an amount sufficient to pay the annual <br />amounts due under the Loan Contract, and to pledge assessment revenues and the Compan~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 CoMPat~nr <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 24,000 feet of pipeline <br />and associated access easements, as collateral for the loan and execute. all documents, <br />including a security agreement and deed of trust, necessary to convey a security interest in said <br />properly to the CWCB, 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 ta <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S MEMBERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO <br />THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT B~EN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2'bAY OF ~~~ 200~. ~ <br />~ x? vt~ <br />(SEAL) ~ ,~,~J <br />/~ y A D C By li, ~~- WG~. ~ <br />Oran R. White, President <br />ATTES~F: yP ~ ~,.~ <br />By r.~,s_ ~ <br />Sco owski, Secretary-Treasurer <br />Appendix 3a to Loan Contract C150185 <br />