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PROJ01887 (2)
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PROJ01887 (2)
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Last modified
3/9/2011 1:45:51 PM
Creation date
2/21/2008 2:08:05 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150229
Contractor Name
Logan Irrigation District
Contract Type
Loan
Water District
0
County
Logan
Loan Projects - Doc Type
Contract Documents
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<br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF LOGAN IRRIGATION DISTRICT <br /> <br />WHEREAS, the Logan Irrigation District (District), in Logan County, Colorado, is <br />an Irrigation District organized under the Irrigation District Law of 1905 (C.R.S. 37-41- <br />101 to -160), duly organized under the constitution and laws of the State of Colorado; <br />and <br /> <br />WHEREAS, the District was authorized, pursuant to a special election of the <br />qualified electors of the District, duly called and held on September, 5, 2006, to incur <br />indebtedness in the aggregate principal amount of $505,000, with a term of repayment of <br />20 years at 2.35% annual interest rate, for the purpose of constructing an emergency <br />spillway for Prewitt Reservoir; and <br />WHEREAS, the Department of Natural Resources, Colorado Water Conservation <br />Soard ("CWCS") has issued its loan commitment to finance a loan to the District to <br />construct an emergency spillway for Prewitt Reservoir, subject to the District's compliance <br />with applicable statutes regarding the authorization to incur debt; and <br />WHEREAS, the Soard of the District has determined that it is in the best interest <br />of the District to construct an emergency spillway for Prewitt Reservoir with funds <br />obtained from the CWCS according to the terms of the loan commitment. <br />NOW THEREFORE, be it resolved by the District as follows: <br /> <br />1. The Soard of the District hereby authorizes and directs the President, <br />Robert Ungreen, and the Secretary, James Yahn, to execute and deliver <br />on behalf of the District a Loan Contract, Promissory Note, Pledge of <br />Revenues and such other documents referenced in the loan commitment <br />and required to obtain the CWCS loan. <br />2. This resolution was authorized by the Soard at its regular meeting held on <br />November, 1, 2006 and will remain in effect until termination and <br />defeasance of the CWCS loan. <br /> <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING <br />OF THE DISTRICT'S SOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED AND <br />THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE 1 ST DAY OF NOVEMBER, 2006. <br /> <br />"- <br /> <br />(5 ~ A L) <br /> <br />/P~=,_ <br />Robert Un een, President <br /> <br />,--' <br /> <br />Sy <br /> <br /> <br />Appendix 3 to Loan Contract C150229 <br />Page 1 of 1 <br />
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