PROJC01858 ‎(2)‎

• Contract/PO #: C153594
• Contractor Name: Handy Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION

A RESOLUTION TO ENTER INTO THE CONTRACT AND PROMISSORY NOTE WITH THE
STATE OF COLORADO TO BORROW AND REPAY STATE CONSTRUCTION MONIES FOR
REPAIRS TO HANDY RESERVOIR DAM (AKA WELCH DAM) OUTLET WORKS.

Whereas, the Handy Ditch Company applied to the Colorado Water
Conservation Board for $310,00 in Colorado State construction loan
monies to fund the replacement of the No. 1 Outlet Works on the Handy
Reservoir Darn and

Whereas, the State now desires to loan said money for the
construction of said project upon mutuallly agreeable terms and
conditions, subject to the availability of funding for that purpose;

Whereas, at a special meeting on October 7, 1991 of shareholders
of the Company, the shareholders voted unanimously to accept the loan
from the Colorado Water Conservation Board and provide all necessary
security.

NOW, THEREFORE, be it re~.~..'.'
Handy Ditch Company: JI~ '

he Board of Directors of the

"''-'1-:;''''

1. That the Handy DilNO Jrt~1 ~nto the contract with the
State of Colorado through e t ~atural Resources
(Colorado Water Conservati -B6ard), to borrow the total sum of Three
Hundred Ten Thousand Dollars ($310,000), which includes the project
loan amount and the Six-Thousand-Dollar ($6,000) feasibility report
amount, together with interest at the rate of five percent (5%) per
annum.

2. That the President and the Secretary have the authority to
repay this loan in constant annual installments of Twenty Thousand One
Hundred Fifty-Five Dollars and Ninety Cents ($20,155.90) each for
thirty (30) years.

3. That the Handy Ditch Company:

a. make and levy assessments sufficient to payoff this
contract loan pursuant to its terms and to discharge this lawful
indebtedness,

b. set aside this assessment revenue in a special fund
separate and apart from other Handy Ditch revenues to assure repayment
of this revenue to the State, and

c. sign a security interest in such assessment revenues in
favor of the State to secure the repayment.

Introduced, Read, and Adopted by the Board of Directors of the
Handy Ditch Company this 13th day of November, 1991.

/9

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Attest:

i~~iUe~ (j, (l.t!M/Jt7? JCAda/uf,

./Laur ie A. Anderson' tl

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