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,� <br />EXHIBIT E <br />RESOLUTION <br />BOARD OF DIRECTORS <br />BAUER LAKES WATER COMPANY <br />WHEREAS, the Bauer Lakes Water Company wishes to enter into <br />a Contract with the Colorado Water Conservation Board ("CWCB") for a <br />loan of $100,000 to repair Bauer Lakes Reservoir No. 1; and <br />WHEREAS, the Resolution for approving the loan passed by the Board <br />of Directors on September 2, 1988, states• <br />�,� ��� � <br />NOW, THEREFORE, E3E �� �� . D BY THE BOARD OF <br />DIRECTORS OF THE C(�9�NY that, n ap roval by the <br />Board of Directors of the- �rfi�� n �on itions o t e <br />ontract . . . �`" ` " t �'� <br />r �, � ;� <br />"�� <br />� WHEREAS, the words "upon approval by the Board of Directors of the <br />terms and conditions of the Contract" should have been excluded from the <br />Resolution. <br />WHEREAS, paragraph 8 at page 3 of the Contract states that the <br />contractor, the Company, shall "Make the services of said project available <br />within its capacity to all persons in the Contractor's service area ...." <br />�VHEREAS, the Company serves only its shareholders. <br />WHEREAS, paragraph 14, at page 5 of the Contract requires the <br />Company, as security for the CWCB loan, to provicle a Warranty Deed for <br />certain building materials to the state within thirty (30) days of the first <br />advance of funds from the State. <br />WHEREAS, the Company will not have the the materials to grant until <br />the project is completed. <br />WHEREAS, as security for the CWCB loan the Company desires to <br />provide a deed of trust rather than a warranty deed. <br />