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RESOLUTION of the BOARD OF DIRECTORS <br />of the EXCELSIOR IRRIGATING COMPANY <br />At its January 28, 1998 meeting, the Board of Directors of the Excelsior Ditch Company <br />(Company) approved obtaining a loan in the amount of $230,000 from the State of Colorado <br />Water Conservation Board (STArE) to finance Phase II of the rehabilitation of Excelsior Ditch. <br />The cost of the project has been estimated to cost the Company an additional $21,125 and <br />the State has agreed to increase the loan amount by the same amount. <br />At the Board of Directors meeting held on April ~ I, 2000, the Board of Directors adopts the <br />following and hereby charges that these resolutions be irrepealable during the life of the loan <br />and hereby authorizes the President and Secretary as follows: <br />1. RESOLVED, to enter into and comply with the terms of a loan contract with the Colorado <br />Water Conservation Board for a loan in the amount of $251,125 ("Loan Contract"), and <br />2. RESOLVED, to levy and collect assessments in an amount sufficient to pay the annual <br />amounts due under the Loan Contract, including deposits to the reserve debt service <br />fund, and to pledge those revenues and the Company's right to receive said revenues <br />from its shareholders for repayment of the loan, and <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments in a <br />special account separate and apart from other ConnPaNY revenues, and <br />4. RESOLVED, to make annual loan payments and annual deposits to a debt service <br />reserve fund in accordance with the Loan Contract, and <br />5. RESOLVED, to execute the Promissory Note as required by the terms of the loan <br />contract, and <br />6. RESOLVED, to execute the Deed of Trust, Security Agreement, and Assignment of <br />Deposit Account as Security to convey security interests to the STaTE in accordance with <br />the Loan Contract, and <br />Adopted this ~~ day of April 2000. <br />The Excelsior Irrigating Company <br />By ~~ ~ ~ <br />C.R. Evans, President <br />ATTEST: <br />By ~ 7,u.a.,u,a~ <br />Erin Evans, Corporate Secretary <br />Appendix 1(b) to Loan Contract C153797 <br />