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Resolution No. 2007-16 <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 />September 10, 2007, at Penrose, Colorado, adopted the following resolutions conceming <br />a secured loan from the State of Colorado Water Conservation Board (CWCB), for the <br />purpose of purchasing water rights, constn�cting a raw water pipeline, and enlarging <br />Brush Hollow Reservoir, bcated in Fremont County, at an estimated cost of $9,700,000. <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 coritract with the Colorado Water <br />Conservation Boarc! for a loan in the amourrt of $8,844,570, or such actual amourrt, <br />more or less, as needed to finance the projed costs, including the CWCB loan <br />originatiion 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 plac�e said pledged revenues in a special acxourrt separate and apart from other <br />DisTRicT and its Water Activity Enterprise revenues, and <br />d. to make the annual paymerrts required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br />e. to execute all documerrts as required by the loan cor�tract, 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 />neoessary to consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE 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THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED ' 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 ��DAY O � l3CJvL007- <br />(�EAL) ` � - <br />By °" c��Y�- <br />Lissa Pinello, President <br />:� / / .••/��/_� � � ../� <br />. - •.. <br />Appendix 3 to Loan Contract C150237 <br />Page 1 of 1 <br />