C150244 contract docs

• Contract/PO #: C150244
• Contractor Name: Wood Lake Mutual Water & Irrigation Company
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF WOOD LAKE MUTUAL WATER AND IRRIGATION COMPANY
The Board of Directors of Wood Lake Mutual Water and Irrigation Company (Company), at
a meeting heldoc�. 2�, 2007, at Eaton , Col�rado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
purpose of replacing the outlet works and spillway for Angel Lake in the amount of $212,706 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 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 $212,706, 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 from the shareholders in an amount sufficient to pay the annual
amounts due under the Loan Contract, and to pledge assessment revenues and the Company's
right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other CoMParvv
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 storage rights for Angel Lake reservoir, along with the easement to use
said reservoir, as coilateral for the loan and execute all documents, including a security
agreement and deed of trust, necessary to convey a security interest in said properry 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 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 HELQ 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 THE1 ct DAY OF Nnc�r�mhPr `�007.
(SEAL)
By <. -��� �--, �`� +�`�,�-�~�-
;.G�ry Booth, President
ATTEST: , ,,
�' � j'/
By j � ���y' , � ° �Yd%[-'C !.'t,y�F.
aN� ncy Ha��rr , Corporate Secretary
1
Appendix 3b to Loan Contract C150244