|
RESOLUTIONS OF THE SHAREHOLDERS
<br />OF WOOD LAKE MUTUAL WATER AND IRRIGATION COMPANY
<br />The Shareholders of Wood Lake Mutual Water and Irrigation Company (Company), at a
<br />Shareholders' meeting held oct ��, 2007, at Fat�„ , Colorado, adopted the following resolutions
<br />concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
<br />purpose of replacing the outlet works and spillway for Angel Lake in the amount of $212,706 or such
<br />actual amount, more or less, as may be needed by the Company and available from the CWCB
<br />including the CWCB loan origination fee of 1% of the loan amount.
<br />At said meeting, the Shareholders charged that these resolutions are irrepealable during
<br />the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and
<br />officers, RESOLVED as follows:
<br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board
<br />for a loan in the amount of $212,706, or such actual amount, more or less, as needed to finance
<br />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 CoMPANY
<br />revenues, and
<br />4. to make the annual payments required by the promissory note and to make annual deposits to a
<br />debt service reserve fund, and
<br />5. to pledge the Company's storage rights for Angei Lake reservoir, along with the easement to use
<br />said reservoir, as collateral for the loan and execute all documents, including a security
<br />agreement and deed of trust, necessary to convey a security interest in said property to the
<br />CWCB,
<br />6. to execute all documents as required by the loan contract, including, but not limited to, a Security
<br />Agreement and a Promissory Note, and
<br />7. 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, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
<br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
<br />MEETING OF THE COMPANY'S SHAREHO�DERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
<br />TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLU?IONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 1 Si- DAY OF Nn��r�mi�er ZOO7.
<br />(SEAL)
<br />;, r -- .-,
<br />; ... ��.. �
<br />� � �;,-,_ t.- -..
<br />__ ,.
<br />Y -I _ , _
<br />!G�ry Booth, President
<br />ATTEST: �
<br />.��:< ,�,�
<br />By � J��'l��4.4��.�1 4, ����
<br />Nancy Ham j r�ers, Corporate Secretary
<br />Appendix 3a to Loan Contract C150244
<br />
|