C150240 contract docs

• Contract/PO #: C150240
• Contractor Name: Bull Creek Reservoir, Canal & Power Company
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE SHAREHOLDERS
OF BULL CREEK RESERVOIR CANAL & POWER COMPANY
The Sharehoiders of Bull Creek Reservoir Canal & Power Company (Company), at a
Shareholders' meeting held �,���, 2007, at �, Colorado, adopted the following resolutions
conceming a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
purpose of rehabilitating and enlarging the Bull Creek Reservoir No. 4 in the amount of $1,212,000
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°k of the loan amount.
At said meeting, the Shareholders charged that these resolutions are irrepealable during
the term of the foan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, RESOLVED as follows:
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to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $1,212,000, or such actual amount, more or less, as needed
ta finance the project costs, including the CWCB ioan origination fee of 1%, and
to levy and collect assessments from the shareholders in an amourrt sufficient to pay the annual
amounts due under the Loan Contract, and to pl�dge assessment revenues and the Company's
right to receive said revenues for repayment of the loan, and
to place said pledged revenues in a special account separate and apart from other ConnPnNY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits ta
a debt service reserve fund, and
5. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
6. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CERtIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAV� NOT BEEN AMENDED OR RESCINDEb.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY TH� �'cbAY OF �% �, rc1r,, 2QQ7,
(SEAL)
ATTEST:
BY _ �-1 �.cc�-�-s2-�a.�
Betty H kins, Corporate Secretary
By
Ini Johnson, President
Appendix 3a to Loan Contract C150240