|
RESOLUTIONS OF THE MEMBERS
<br />OF THE NUMBER SIX DITCH COMPANY
<br />The Members ofi The Nu �b,er Six Ditch Company (Company), at a Members' meeting held
<br />�� N a �h 3 , 200�, at _ 7�1� _, Coiorado, adopted the foilowing resc�ludons
<br />con a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
<br />purpose of installing a new pipeline to increase ditch efficiency and reduce salinity impacts on the
<br />downstream rivers including the Colorado River, in the amount of $688,942 or such actual amourrt,
<br />more or less, as may be neected by the Company and available from the CWCB including the CWCB
<br />loan origination fee of 1% af the ban amount.
<br />At said meeting, the Members charg�i that these resolutions are iRepealable 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 contrack with the Colorado Water Consenration Boar�d
<br />for a loan in the amount of $688,942, or such actual amount, more or less, as needed to finance
<br />the project c�sts, inGuding the CWCB loan origination fee of 1%, and
<br />2. to ievy and collect assessments from the Members in an amourrt suf�icierrt to pay the annual
<br />amounts due under the Loan Conhact, 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 speaal account separate and apart from other CoMP�Y
<br />revenues, and
<br />4. to make the annual payments required by the promissory note and to make annual deposits to a
<br />debt service reserve fund, and
<br />5. to pledge the Company's inte�st in the Project, including approximately 22,000 feet of pipeline
<br />and ass�iated access easements, as coltateral ior the loan and execute all documents,
<br />including a securiiy agreement and deed of trust; nece.ssary to convey a security interest in said
<br />property to the CWCB, and
<br />6. to execute all documents as required by the loan contract, including, but not limited to, a Security
<br />Agreement and a Promissory Note, and
<br />7. to take such other actions and fo execute such other documents as may be necessary to
<br />consummate and implement the loan.
<br />CERTIFICATION
<br />THE UNDERSI6NED, RESPECTNELY, 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 />ME�IING OF THE COMPANY'S MEMBERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO
<br />�N� C��11�P<kN,Y�S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />§, : �., �.
<br />��` GI\{�rt �[1N�5E1�:0U�2 HANDS ANQ THE SEAL OF THE COMPANY THE .3 DAY OF T �%� "� k N✓h_ ZOO .
<br />R y
<br />°� ` ��Y y�r•.. �.�i'c
<br />F�.7 c�"'�s'` 8 � � t �
<br />_ v C/%% `/� / � �
<br />- �`i� ./ �T �� /
<br />i� � '
<br />° `` �"' � � � By Jack Burk, President
<br />4�F V' { .-��� w
<br />° o a ` ; .� , � �
<br />3 �" ��� J
<br />�� T .a {� �� � j�/_•�, '��
<br />B y �,. : �. �... �'�': �°�-� fi� t �
<br />Dan F� Whitehea�i','`Secretary Treasurer
<br />Appendix 3a to Loan Contract C150205
<br />
|