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� <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE 3T CATTLE COMPANY, INC. � <br />The Shareholders of the 3T Cattle Company, Inc. (Company), at a Shareholders' meeting <br />held , 2004, at Fort Morgan, Colorado, adopted the following resolutions <br />concerning a secured loan from the State of;Colorado Water Conservation Board (CWCB), for the <br />purpose of purchasing �five shares of Weldon Valley Ditch Company for water to augment existing <br />wells in the amount of $249,975 or such actual amount, more or less, as may be needed by the <br />Company and available from the CWCB including the CWCB loan origination fee of 1% of the loan <br />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 $249,975 , 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� 4 ` <br />3. to make the annual payments required by r ' note and to make annual deposits to <br />a debt service reserve fund, and <br />p 9 o� /�ey �t � s collateral for the loan and <br />4. to led e the five shares of Weld c p y <br />execute all documents, including a deed of trust an ment, necessary to convey a <br />security interest in said property to the CWCB, <br />5. to execute all documents as required by the loan contract, including, but not limited to, a <br />Promissory Note, and <br />6. 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 RESCINDEO. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE DAY OF 2004. <br />" � <br />-` <br />,ij <br />. �����5 EAL) .� <br />'. , , ': �Y"';"� }" '�." !�. . < <br />� � �a �._ ! „ i... - - "'y� <br />ATT���: ' i <br />,::�>%� /�/� � _ /,. <br />By. <br />I Averch, Corporate Secretary <br />Appendix 3a to Loan Contract C150175 <br />