Laserfiche WebLink
RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE NUMBER SUC DITCH COMPANY <br />The Board of Directors of The Number Six Ditch Company (Company}, a meeting held <br />�hl�q 200�, at `J'1�'h�vs' , Colorado, adopted the following resolutions <br />concernin a secured loan from the State of Colorado Water Conservation Board (CWCB), for the <br />purpose of instatiing a new pi�line to increase ditch eft'iaency and reduce salinity impacts on <br />the downstream rivers induding the Colorado River, in the amount of $688,942 or such adual <br />amount, more or less, as may be needed by the Company and available from the CWCB including <br />the CWCB loan originafion 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 Board <br />for a loan in the amount of $688,942, or such actual amount, more or less, as needed to finance <br />the project costs, inctuding the CWCB loan origination fee of 1°/a, and <br />2. to levy and coll�t assessmen�.s from the Members in an amount sufficient to pay the annual <br />amounts due under the Loan Contrac�, and to pledge assessment r�evenues 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 speciat account separate and apart from other ConnP�Y <br />revenues, and <br />4_ to make the annual payments required by the promissory note and to make annual deposits fio a <br />debt service reserve fund, and <br />5. to pledge the Company's interest in the Project, including approximately 22,0� feet of pipeiine <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 />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 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 />COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE N�T BEEN AMENDED OR RESCINDED. ?� <br />GNEN UNDER'OUR HANDS AND THE SEAL OF THE COMPANY THE DAY OF J� h(,�� 288J � <br />-1 J �;��� f� . <br />' � : Ov L�//� <br />' ' " � Jack Burk, President <br />A'FT��• -: � _ <br />g '� ` �� �,�,� i <br />y. , <br />Dan'�'. V1/fiite ad, Secretary-Treasurer <br />Appendix 3b to Loan Contract C150205 <br />