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F�-1 <br />�� <br />RESULUTI4N OF THC I30ARD OF DIRECT4R5 <br />or <br />BEAVER PARK WATCR, INC. <br />Concerning a loan in ammount of $75,000 fram the State of Colorado Water Conservation <br />Baard (here after referred to as the State), for the purpose of conducting a feasibility study <br />for the repair of the Brush Hollow Dam; the following resofutions were (unanimously) <br />adopted by the Board of Directors, of Beaver Park Water, Inc. (here after referred to as the <br />liorrower), at a meeting of the Board of Directors held 2/28 , 199 4, at <br />Penrose , Color�do. <br />a. RESOLVED, tl�at the Board of Directors hereby authorizes the Borrower to <br />contract for this loan debt, and authorizes the President and the Secretary to pay the <br />indebtedness an behali of the Borrower, and <br />b. RESOLVCD, that the Boa hereby authorizes the Borrower to <br />execute the deed oi trust as secur i he State, as specified in the Deed of <br />Trust provisions of this contract, <br />c. RESOLVED, that the B r Di t s e thorizes the Barrower ta mafte <br />and ievy assessment(s) suffi t p y off is contract loan pursuant to its terms and <br />to discharge this lawful inclebtedness, and <br />d. RESOLVED, that the Board of Directors hereby authorizes the Borrower to set <br />aside tltis assessment revenue in a speciat fund sep�rate anci apart from other <br />i3orrower revcnues to assiire repayment of this revenue to the State, ancJ <br />e. RESOLVED, that the 13o�ircf oC Directurs herc:Uy authorizes the Borrawer io si�u <br />a security interest in such assessment revenues in favor of the State to secure the <br />repayment. <br />Dated tltis 28 day of February, 199 4 <br />^ . . ��- <br />� ' J� <br />� �� <br />� A"f'['EST: � <br />(Secretary) <br />BEAVE N ATER, INC. <br />R <br />• R EN, PRESIDENT <br />C:\�5�\�lLinvL"•ItPn.cco APPCNDIX I3 <br />� <br />� <br />