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Resolution No. 2014-14 <br /> RESOLUTION OF THE BOARD OF DIRECTORS <br /> OF PENROSE WATER DISTRICT <br /> The Board of Directors of Penrose Water District (District), at a meeting held <br /> December 8, 2014, at Penrose, Colorado, adopted the following resolution concerning <br /> Amendment#1 to a secured loan from the State of Colorado Water Conservation Board <br /> (CWCB), Contract No. C150237, for the purpose of purchasing water rights, constructing <br /> a raw water pipeline, and enlarging Brush Hollow Reservoir, located in Fremont County, <br /> at an estimated cost of$10,949,100. <br /> At said meeting, the Board charged that this resolution is irrepealable during the <br /> term of the loan and, acting by and through its Water Activity Enterprise, authorized the <br /> Board President and Board Secretary to execute said resolution. <br /> NOW THEREFORE, THE BOARD OF DIRECTORS OF THE PENROSE WATER <br /> DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, <br /> RESOLVES AS FOLLOWS: <br /> a. to enter into and comply with the terms of a contract with the Colorado Water <br /> Conservation Board for a loan in the amount of$9,763,670, or such actual amount, <br /> more or less, as needed to finance the project costs, including the CWCB loan <br /> origination fee of 1%, and <br /> b. to levy and collect base water use revenues, and all revenues from the voter- <br /> authorized 3.00 mill Special Revenue Fund levy, and <br /> c. to place said pledged revenues in a special account separate and apart from other <br /> DISTRICT and its Water Activity Enterprise revenues,and <br /> d. to make the annual payments required by the promissory note and to make annual <br /> deposits to a debt service reserve fund, and <br /> e. to execute all documents as required by the loan contract, including, but not limited <br /> to, a Security Agreement and a Promissory Note, and <br /> f. to take such other actions and to execute such other documents as may be <br /> necessary to consummate and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE VICE-PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING <br /> OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED AND <br /> THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE evil DAY OF 2 eeQM be r 2014. <br /> ( SEAL) > <br /> Lan Tyler,Vice-President <br /> ATTEST: V / / <br /> Ag / <br /> !rata os, Secretary <br /> Amendment 1 to Loan Contract C150237 <br /> Page 1 of 1 <br /> APPENIX C <br />