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C150307 contract docs
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Last modified
8/4/2011 2:22:33 PM
Creation date
6/22/2011 10:52:43 AM
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Loan Projects
Contract/PO #
C150307
Contractor Name
Las Animas Consolidated Canal Company
Contract Type
Loan
Water District
0
County
Bent
Loan Projects - Doc Type
Contract Documents
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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF LAS ANIMAS CONSOLIDATED CANAL COMPANY <br /> The Shareholders of Las Animas Consolidated Canal Company (Company), at a <br /> Shareholders' meeting held July 28, 2010, at Las Animas, Colorado, adopted the following <br /> resolutions concerning a secured loan from the State of Colorado Water Conservation Board <br /> (CWCB), to be used for the Las Animas Consolidated Canal Diversion Project in the amount of <br /> $77,265 or such actual amount, more or less, as may be needed by the Company and available <br /> from the CWCB including the CWCB loan origination fee of 1 % of the loan amount. <br /> At said meeting, the Shareholders charged that these resolutions are irrepealable during <br /> the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors <br /> and officers, RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br /> Board for a loan in the amount of $77,265, or such actual amount, more or less, as needed to <br /> finance the project costs, including the CWCB loan origination fee of 1 %, and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual <br /> amounts due under the Loan Contract, and to pledge assessment revenues and the Company's <br /> right to receive said revenues for repayment of the loan, and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY <br /> revenues, and <br /> 4. to make the annual payments required by the promissory note and to make annual deposits to <br /> a debt service reserve fund, and <br /> 5. to execute all documents as required by the loan contract, including, but not limited to, a <br /> Security Agreement and a Promissory Note, and <br /> 6. to take such other actions and to execute such other documents as may be necessary to <br /> consummate and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY <br /> CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br /> MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT <br /> TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ` C' r6AY OF _"TI 2010. <br /> (SEAL) C� t By <br /> Don Halffield, r id nt <br /> ATTEST: <br /> By <br /> my illhit , Secretary/Treasurer <br /> Appendix 3a to Loan Contract C150307 <br />
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