C150185 Contract

• Contract/PO #: C150185
• Contractor Name: Mancos Valley Beaver Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE MANCOS VALLEY BEAVER DITCH COMPANY
The Board of Directors of The Mancos Valley Beaver Ditch Company (Company), a
meeting held ~~' F~ lo ~ , 200~s at 7'I'f~~-y , Colorado, adopted the
following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board (CWCB), for the purpose of installing a new pipeline to increase ditch efficiency and
reduce salinity impacts on the downstream rivers including the Colorado River, in the
amount of $417,130 or such actual amount, more or less, as may be needed by the Company
and available from the CWCB including the CWCB loan origination fee of 1% of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, RESOLVED as follows.
1. to enter into and comply with the terms of a oontract with the Colorado Water Conservation
Board for a loan in the amount of $417,130, or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1%, and
2. to levy and collect assessments from the Members in an amount sufficient to pay the annual
amounts due under the Loan Contract, and to pledge assessment revenues and the Company's
right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other CoMP,at~tY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge the Company's interest in the Project, including approximately 24,000 feet of pipeline
and associated access easements, as collateral for the loan and execute all documents,
including a security agreement and deed of trust, necessary to convey a security interest in said
property to the CWCB, and
6. to 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 necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD 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 THE~ DAY OF ~ 200fi°
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(SEAL)
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'~~~._AS R Jankowski,! Secretary-Treasurer
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By ~ll wY1 /°S • ~~~~
Oran R. White, President
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Appendix 3b to Loan Contract C150185