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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE PEOPLES DITCH COMPANY <br />The Board of Directors of the Peoples Ditch Company (Company), at a meeting held <br />~-~-~~~~~.'Z~, 2000, at~-~„~\. ~. ~, Colorado, adopted the following resolutions <br />concerning a loan in the amount of up to $43,000, from the State of Colorado Water <br />Conservation Board (CWCB), for the purpose of constructing a pipeline to replace the <br />Company's washed out ditch and diversion structure. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary as follows. <br />RESOLVED, 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 $43,000, or such actual amount, more or <br />less, as needed to finance the project costs, and <br />2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient <br />to pay the annual amounts due under the Loan Contract, and to pledge assessment <br />revenues and the Company's right to receive sai enues for repayment of the loan, and <br />3. RESOLVED, to place said pledged r~ ecial account separate and apart from <br />other ConnPANY revenues, and <br />4. RESOLVED, to make the annual payme t ir~h ~~ promissory note and to make <br />`~,,, <br />annual deposits to a debt service r n <br />5. RESOLVED, to obtain a certificate posit in the amount of one annual loan payment to <br />serve as collateral and to execute an Assignment of Certificate of Deposit, and <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br />7. RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DlRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ~~ DAY OF~°~ ,~ ,~,`~~. _ 2000. <br />(SEAL~- B ~ <br />Y <br />President <br />AT~'~ST~ ~~ ~ ~ <br />By <br />Corporate S cretary <br />Appendix 1 b to Loan Contract C150049 <br />