C150266 contract docs

• Contract/PO #: C150266
• Contractor Name: Granby Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF GRANBY DtTCH AND RESERVOIR COMPANY
The Shareholders of Granby Ditch and Reservoir Company (Company), at a Shareholders'
meeting held "�, 2008, Colorado, adopted the following resolutions conceming a
secured loan from the State of Color Water Conservation Board (CWCB), for the purpose of
rehabilitating the Granby #12 Dam in the amourrt of $254,520 or such actuat 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 amourrt.
At said meeting, the Shareholders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, RESOLVED as follows:
1. to errter irrto and comply with the terms of a corrtract with the Colorado Water Conservation
Board for a loan in the amount of $254,520, or such actual amount, more or less, as needed to
finance the project costs, inGuding fhe 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 Corrtract, and to pledge assessmerrt 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 accourrt separate and apart from other CoMPnt�nr
revenues, and
4. to make the annuaf paymeMs required by the promissory note and to make annuat deposits to
a debt service reserve fund, and
5. to execufe all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
6. to take such ofher actions and fo execute such other documerrts as may be necessary to
consummate and implement the loan.
CERTtFICATION
THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCIIVDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ��DAY OF _,�r� 1 2008.
(SEAL)
By .
Geor F. Futton, Presiden
ATTEST: }
B Chuek Richards, Corpor�� cretary
Appendix 3a to Loan Contract C150266