C150204 contract docs

• Contract/PO #: C150204
• Contractor Name: Southeast Colorado Resource Conservation & Development, Inc.
• Contract Type: Grant
• Bill Number: SB 05-084
• Loan Projects - Doc Type: Contract Documents

'� ., • . • �
MINUTES OF SPECIAL MEETING
OF THE BOARD OF DIRECTORS OF
THE OVERLAND DITCE AND RESERVOIR COMPANY
The Board of Directors of the Overiand Ditch and Reservoir
Company, a Colorado non-profi� corporation, met in special
meeting on Saturday, September Z0, 1988 at the Iaw offices of
Brawn and Brown in Delta, Coloxado. The meeting was convened
by President Peter Kasper at 9:00 o'clock A.M. All af the
directors were present, namely, Peter Rasper, Nomi Gray, Billy
Varner, Marvin White, and Dan Hawkins. AII of the directors
signed a Waiver of Notice for the meeting.
The first item of business was consideration of the Loan
Repurchase Contract with the Colorado Water Conservation Board
to borrow $541,946.85 for the purpose of repurchasing the
Company's Bureau of Reclamatiori Loan parsuant to Section 5301
of the Federal Budget Reconcili.ation Act of 1987. Director
Dan Hawkins read and introduce� the Resolu�ion attached hereto
and moved its adoption for the approval of the Loan Contract.
Director Nomi Gray seconded the motion, which motion carried
upon a vote duZy taken. • Attorney Brown then reviewed with the
Baard the documents required tO complete the transaction with
CWCB. The Water Board has required that the Gompany grant a
security interest in alI revenues derived from assessments for
the repayment of the indebtedness and a security agreement and
financinq statement had been prepared for this purpose. In
addition, CWCB has required the conveyance of a17, of the
Reservoir, the inlet and outlet structures to the State to
secure the indebtedness. The State indicates that this
conveyance is reguired pursuan� to C.R.S. 37-60-120. Attorney
Brown also pointed out that tlxe original contract with the
Colorado Water Conservation Board from Jnly of 1979 required
the Company to convey an undivided one-half interest in the
Overland Reservoir as security for that loan. Since the
conveyance had not actually occurred, the deed which has now
been prepared is for the ful], interest in the Reservoir
fulfilling the requirement of the original contract as well as
adding additional security for the new loan. Following this
discussion, Director BiI1.y Varner moved that the officers o£
the corporation be authorized a�nd directed to e:cecute on behalf
of the Company the Uniform Commercial Cpde Secnrity Agreement
and Financing Statement pledging' the revenues from assessments
on stack to repay indebtedness on the Overland Reservoir to the
Colorado Water Conservation Board and the Special Warranty D�ed
conveying the Overland Reservoir and the inlet and outlet
structures as collateral for the ioan. Director Marvin White
seconded the motion and the same was carried upon a vote duly
taken.