PROJ01942 ‎(2)‎

• Contract/PO #: C153741
• Contractor Name: Vouga Reservoir Association
• Contract Type: Loan
• Water District: 72
• County: Saguache
• Bill Number: SB 94-029
• Loan Projects - Doc Type: Application

RESOLUTION OF THE STOCKHOLDERS OF
THE VOUGA RESERVOIR ASSOCIATION
(A NON-PROFIT CORPORATION)

Concerning a loan in the amount of $20,000.00 from the State of Colorado
Water Conservation Board (herein, "State"), for the purpose of conducting a feasibility
study for the repair of the Vouga Reservoir Dam; the following resolutions were
unanimously adopted by a quorum of the Stockholders of The Vouga Reservoir
Association (herein, the "Borrower"), at a special meeting of the Stockholders held on
August 17, 1994, at Gunnison, Colorado.

A. RESOLVED, that the Stockholders hereby authorize the Borrower
to contract for this loan debt, and authorize the President and the
Secretary to pay the indebtedness on behalf of the Borrower in
accordance with the terms and conditions of the Feasibility Report
Contract prepared by the State; and

B. RESOLVED, that the Stockholders hereby authorize the Borrower
to enter into the said Feasibility Report Contract and to execute all
security instruments required by the same, including, but not limited
to the Deed of Trust; and

C. RESOLVED, that the Stockholders hereby authorize the Borrower
to make and levy assessment(s) sufficient to payoff this contract
loan pursuant to its terms and to discharge this lawful indebtedness;
and

D. RESOLVED, that the Stockholders hereby authorize the Borrower
to set aside this assessment revenue in a special fund separate and
apart from other Borrower revenues to assure repayment of this
revenue to the State; and

E. RESOLVED, that the Stockholders hereby authorize the Borrower
to sign a security interest in such assessment revenues in favor of
the State to secure the repayment.

Dated this 17th day of August, 1994.

THE VOUGA RESERVOIR
ASSOCIATION

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By. ., .~---? . - ;7
President

ATTEST:

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S~cret9f'Y