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 BOARD OF DIRECTORS
OF BULL CREEK RESERVOIR CANAL & POWER COMPANY
The Board f Directors of Bull Cre k Reservoir Canai & Power Company (Company), at a
meeting held Il ��' , 2010, at ��, Colorado, adopted the following resolutions
concerning a se ured 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
$1,801,630 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 amendment with the Colorado Water
Conservation Board for a loan in the amount of $1,801,630, 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 as amended, and to pledge assessment
revenues and the Compan�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 ConnPAtvY
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 execute all documents as required by the loan contract amendment, including, but not limited
to, a Deed of Trust, 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, 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 HELD 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COMPANY�S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 THE L2- DAY OF l�,���vu� Is�✓ 201 O.
(SEAL)
ATTEST:
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By _�_,�-
Joh Groo, Corporate Secretary
By � ' �-"r{-c.. ./.1�1 .'4�r--'� . �-
Irvin Johnson, President
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Appendix A1 to Loan Contract C150240 Amendment No. 2