C150288 Contract

• Contract/PO #: C150288
• Contractor Name: Deuel and Snyder Improvement Company
• Contract Type: Loan
• Water District: 0
• County: Morgan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE DEUEL AND SNYDER IMPROVEMENT COMPANY
The Board of Directors of The Deuel and Snyder Improvement Company (Company), at a
meeting held February 28, 2009, at Fort Morgan, Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
the River Sand Gate Structure Project in the amount of $90,900 or such actual amount, more or
less, as may be needed by the Company and available from the CWCB including the CWCB loan
origination fee of 1 % of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, RESOLVED as follows.
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $90,900, or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1 %, and
2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual
amounts due under the Loan Contract, and to pledge assessment revenues and the Company's
right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other COMPANY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge the Deuel and Snyder river sand gate diversion structure, as collateral for the loan
and execute all documents, including a security agreement and deed of trust, necessary to
convey a security interest in said property to the CWCB,
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN 9MENDED O ESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE /� DAY OF CZi,14 2009.
(SEAL)
By
Scott Kembel, President
ATTEST:
By
Irma Baumberg , ?6rporate Secretary
Appendix 3b to Loan Contract C150288