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 BOARD OF DIRECTORS
OF GRANBY DITCH AND RESERVOIR COMPANY
The Board of Directors of Granby Ditch and Reservoir Company (Company), at a meeting
held �, 2008, at���, Colorado, adopted the following resolutions conceming a
secured oan from the State of olorado Water Conservation Board (CWCB), for the purpose of
rehabilitating the Granby #12 Dam in the amount of $254,520 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 fhe President and Corporate
Secretary, RESOLVED as follows.
1. to errter into 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 projeet 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
amourrts due under the Loan Contract, and to pledge assessment revenues and the Company's
right to receive said revenues for repaymerrt 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 paymerrts required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to execute atl documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
6. 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COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 THE � DAY OF __��- 2008.
(SEAL}
By
Geor e F. Fulton, President
ATTEST:
��� � y ..Y.C4.CC./l� �
Chuck Richards, Corporate Secretary
Appendix 3b to Loan Contrac� C150266