C150302 contract docs

• Contract/PO #: C150302
• Contractor Name: WRCC, Inc.
• Contract Type: Loan
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Contract Documents

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UNANIMOUS CONSENT RESOLUTIONS OF THE DIRECTORS OF
WRCC, INC. A COLORADO MUTUAL DITCH COMPANY AND NON-PROFIT •
CORPORATION
The undersigned, being all of the Directors of WRCC, Inc., a Colorado Mutual
Ditch Company and nonprofit corporation ("the Company"), hereby unanimously consent
that the following actions be taken, as authorized by the laws of the State of Colorado.
RESOLVED, that the Directors approve the loan from the Colorado Water
Conservation Board (CWCB) to fund the proposed Cobb Lake Inlet Structure Project
for WRCC, Inc. in an amount not to exceed $1,301,890.00 and to pledge assets of
WRCC, Inc. as collateral to secure said loan with CWCB as required. The loan term shall
be 30 years at a blended rate of 2.85% per annum fixed.
As collateral to secure this loan, the Company agrees to pledge its annual
assessment revenues in an amount sufficient to cover the annual loan payment. As
additional security, the Company agrees to pledge the storage rights which the Company
has pursuant to its various storage decrees in Cobb Lake.
The officers of the Company are authorized and directed to execute and deliver
such loan documents as may be reasonably necessary or required in order to close this
CWCB loan according to the terms and conditions as set forth in the Feasibility Study of
Cobb Lake Inlet Structure and the findings and recommendations of the Colorado Water
Conservation Board in approving the loan request on November 18, 2009.
Adopted this 4�' day of December, 2009.
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Appendix 3 to Loan Contract C150302