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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF WELDON VALLEY DITCH COMPANY <br />The Board of D� ectors of Weidon Valley Ditch Company (Company), at a meeting held <br />�k ��, 2009, at lv� uc , Colorado, adopted the following resolutions concerning a secured <br />loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of making <br />improvements to the Cottonwood Draw Flume in the amount of $136,350 or such actual amount, <br />more or less, as may be needed by the Company and available from the CWCB including the <br />CWCB loan origination fee of 1% of the loan amount. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, 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 $136,350, 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 to pledge assessment revenues and the Company's <br />right to receive said revenues for repayment of the loan, and <br />3. to place said pledged revenues in a special account separate and apart from other ConnPANY <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a 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, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />COMPANY�S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GfVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE `'�` DAY OF r n Ua rV 2009. <br />� <br />(SEAL) <br />ATTE ' �, <br />B , �.��� iL u / ��c �C-� <br />Eric R. Christensen, Corporate Secretary <br />1 <br />„ <br />By ' " � <br />J. Lorenzini, resident <br />� <br />Appendix 3b to Loan Contract C150278 <br />