C150270 contract docs

• Contract/PO #: C150270
• Contractor Name: Headgate 135 Lateral, Inc.
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF HEADGATE 135 LATERAL, INC.
The Board of Dire�tors of Headgate 135 Lateral, Inc. (Company), at a meeting heid
y� �/s - o , 2008, at �� �' - , Colorado, adopted the foliowing resolutions conceming a secured
loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
construction of the Headgate 135 Pipeline Project in the amount of $262,600 or such a�tuai
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, author'rzed the President and Corporate
Secretary, RESOLVED as follows.
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $262,600, or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1%, and
2. to levy and collect assessments and user fees from the shareholders in an amount su�cient to
pay the annual amounts due under the Loan Contract, and to pledge assessment revenues,
user fees and the Company's right to receive said revenues and user fees for repayment of the
loan, and
3. to place said pledged revenues and user fees in a special account separa#e and apart from
other ConnPa,NY revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge the Company's interest in the Project, including approximately 4,800 feet of pipeline
and associated access easements as collateral for the loan and execute all documents,
including a security agreement and deed of tnast, necessary to convey a security interest in said
property to the CWCB,
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other docurnents 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 RDOPTED AT A MEE?ING 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.
CzIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE � DAY OF `� 2008.
�
(SEAL)
By i
Gordon Barker, President
ATTFST:
� ��� ��
��._._ (.�,�.� ,
Carolyn Bak , Corporate Secretary
Appendix 3 to Loan Contract C150270