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<br />RESOLUTIONS OF THE Members <br />OF LAZY 0 RANCH HOMEOWNERS' ASSOCIATION <br /> <br />The members of Lazy 0 Ranch Homeowners' Association (Company), at a <br />Shareholders' meeting held April 11 , 2007, at Snowass, Colorado, adopted the following <br />resolutions concerning a secured loan from the State of Colorado Water Conservation <br />Board (CWCB), for the purpose of construction of a secondary water system in the <br />amount of $152,258 or such actual amount, more or less, as may be needed by the <br />Company and available from the CWCB including the eWCB loan origination fee of 1 % <br />of the loan amount. <br /> <br />At said meeting, the Shareholders charged that these resolutions are irrepealable during <br />the term of the loan and, pursuant to the Company's bylaws, authorized the Board of <br />Directors and officers, RESOLVED as follows: <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $152,258, or such actual amount, <br />more or less, as needed to finance the project costs, including the CWCB loan <br />origination fee of 1 %, and <br /> <br />2. to levy and collect assessments from the shareholders in an amount sufficient to <br />pay the annual amounts due under the Loan Contract, and <br /> <br />3. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br /> <br />4. to pledge up to 1.90 cubic feet per second interest in the Williams No. 1 ditch, <br />irrigating approximately 30 acres of Lazy 0 common pasture area, and <br /> <br />5. to execute all documents as required by the loan contract, including, but not <br />limited to, a Deed of Trust and a Promissory Note, and <br /> <br />6. to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, <br />HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS <br />DULY ADOPTED AT A MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD <br />AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS <br />HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE association, July 3, 2007. <br /> <br />(SEAL) <br /> <br />By~~J)1k~ <br /> <br />Edwin Glickman, President <br /> <br />~ . <br />ATT ST: ~~~~A <br />By '(AAMOh <br />Pete W lson,~ Secretary <br /> <br />ApPENDIX 3A TO LOAN CONTRACT C 150236 <br />