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RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE LOWER PLATTE AND BEAVER CANAL COMPANY <br />The Shareholders of The Lower Platte and Beaver Canal Company (Company), at its <br />annual shareholders meeting held February 7, 2004, at Hillrose, Colorado, adopted the following <br />resolutions concerning a secured loan from the State of Colorado Water Conservation Board <br />(CWCB), for the purpose of construction of a recharge project to augment existing wells in the <br />amount of $313,605 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB including the CWCB loan origination fee of 1 % of the loan amount. <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 Directors <br />and officers, RESOLVED as follows: <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $313,605, or such actual amount, more or less, as needed to <br />finance the project costs, including the CWCB loan origination fee of 1 %, and <br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual <br />amounts due under the Loan Contract, and to pledge assessment revenues and the Company's <br />right to receive said revenues for repayment of the loan, and <br />3. to place said pledged revenues in a special account separate and apart from other COMPANY <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to pledge the recharge project and other Company property, as needed, as collateral for the <br />loan and execute all documents, including a security agreement and deed of trust, necessary to <br />convey a security interest in said property to the CWCB, and <br />6. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT <br />TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN.F~ND O~HANDS AND THE SEAL OF THE COMPANY THE Z DAY OF Fc ~,.. ~+ w ~. w 2004. <br />• ,*. <br />Y '- '~ BY <br />'Y s'3 ''. <br />~ ~~ F #~ ,~~ : J. Robert Tuck, President <br />~~vA1st ~ ~'~'~ -~ ~' ~ b <br />a~, ~~~~: '~ ~~ <br />- O-. Allyn Win ,Secretary <br />Appendix 3a to Loan Contract C150165 <br />