C153748 Contract - Laserfiche WebLink

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RESOLUTIVN of the BOARD OF DIRECTORS of the EXCELSIOR IRRIGATING COMPANY Concerning a loan in amount of S 100,000 from the State of Colorado Water Conservation Board (STATE), for the purpose of rehabilitating the diversion structure, the following resolutions were adopted by the Board of Diset.ctors of the Excelsior Irrigating Company (COMPANY), at their meeting held pRr~ J , 1997, at Pueblo, Colorado. The Board of Directors hereby charges that these resolu ions be irrepealable during the life of the loan and hereby authorizes the President and Secretary as follows: 1. RESOLVED, to enter into a loan contract with the Colorado Water Conservation Board for a loan in the amount of $100,000, and to comply with all the terms of the loan contract, and 2. RESOLVED, to make and (evy assessments sufficient to pay the amounts for the annual loan payment and the deposit to the reserve debt service fund due under the loan contract, and 3. RESOLVED, to place assessment revenues pfedged to make annual loan payments and to make annual deposits to the reserve debt service fund in a special account separate and apart from other CoMPaNY revenues, and 4. RESOLVED, to make annua( paymenfs and to make annual deposits to a debt service reserve fund in accordance with the loan contract, and 5. RESOLVED, to execute the promissory note as required by the terms of the loan contract, and 6. RESOLVED, to execute the deed of trust, security agreements and conditional assignment of contract proceeds as security required by the State in accordance with the loan contract, and 7. RESOLVED, to execute the security agreement to secure the revenues pledged to repay the loan. ~ Adopted this ~_ day of March 1997. The Excelsior Irrigating Company gy ~ ~ ~-~ C. R. Evans, President ~1,TTEST: By `~c~u.~,c. ~.,c.~.~,u~ Erin Evans, Secretary Appendix A to Loan Contract #C153748