C150118 contract docs

• Contract/PO #: C150118
• Contractor Name: Kern Reservoir and Ditch Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: SB 03-110
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE SHAREHOLDERS
OF KERN RESERVOIR AND DITCH COMPANY
The Shareholders of the Kern Reservoir and Ditch Company Company), at a
Sharehoiders' meeting held "; 2003, at �° �'� �r Colorado,
adopted the following resolutions con rning a secured loan from tM Sta e of Colorado Water
Conservation Board (CWCB), for the rehabilitation of Kern Reservoir, in the amount of
$3,620,000 or such actual amount more or less, as may be needed by the Company and
available from the CWCB.
At said meeting, the Sharehotders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, 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 $3,620,000, or such actual amount, more or less, as
needed to finance the project costs, 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
ConnPANY 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 a deed of trust to convey a security interest to the CWCB in the Company's Kern
Reservoir, and
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, 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TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 7 DAY OF 2003.
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( S E A L) W. Way e Miller, President
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By _ ' u ,u ,
Julie C ester, Corporate Secretary
Appendix 3a to Loan Contract C150118