C150245 Contract

• Contract/PO #: C150245
• Contractor Name: Lower Poudre Augmentation Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE LOWER POUDRE AUGMENTATION COMPANY
The Board of Directors of the Lower Poudre Augmentation Company (Company), at a
meeting held Qom, 2007, at 4yevvitc, Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
the purpose of acquiring the Timnath Flatiron Reservoir and 4.5 shares of the Box Elder Ditch
Company to provide augmentation water for existing wells in the amount of $3,104,053, 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 $3,104,053, 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 well owners under contract with the Company 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 Timnath Flatiron Reservoir and appurtenances, including the Box Elder Ditch
carriage agreement and the 4.5 shares of the Box Elder Ditch Company, 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 AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE13 rr --- DAY OF U 2007.
(SEAL)
By
,Mike T1 u 6ngenSerg, President
ATTEST:
By ::
Kelton Brunner, Corporate Secretary
Appendix 3b to Loan Contract C150245