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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF GREELEY IRRIGATION COMPANY <br />The Board of Directors of Greeley Irrigation Company (Company), at a meeting held <br />February 6, 2007, at Greeley, Colorado, adopted the following resolutions concerning a secured <br />loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />rehabilitating and upgrading the Greeley Canal No. 3 in the amount of $2,233,867 or such actual <br />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 Board charged that these resolutions are irrepealable during the <br />term of the loan and, pursuant to the Company's bylaws, authorized the President and <br />Corporate 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 $2,233,867, or such actual amount, more or less, as needed <br />to 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 <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's 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 COMPANY <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 execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />6. 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COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />•GIVEIA UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 27TH DAY OF FEBRUARY, 2007. <br />T tJ ,' f'; By <br />t - ► 3 I I , President <br />t, ; .t: - ATTEST._. <br />,y r <br />By <br />- bonna Coble, Secretary/Treasurer <br />Appendix 3b to Loan Contract C150239 <br />