Laserfiche WebLink
� <br />� <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE GRAND MESA RESERVOIR COMPANY <br />The Sharehoiders of The Grand Mesa Reservoir Company (Company), at a meeting held <br />p� ,/� , 2003, at � r��^�-� , Cobrado, adopted the folbwing resolutions conceming <br />a secxared loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />rehabilitation of the Grand AAesa Resenroirs #1 and #9, in the amount of $180,000 or such actual <br />amount, more or less, as may be needed by the Company and available from the CWCB, in <br />addition to the CWCB's ban servioe fee of 1 q6 of the ban arrwunt <br />At said meeti�g, the Shareholders charged that these �esolutions are irrepealable during the <br />term of the loan and, pursuaM to the Company's byNaws, authorized the Board of Directors and <br />officers, RESOLVED as folbws: <br />1. to enter into and �omply with the temns of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $180,000, or such actual amount, more or less, as needed to <br />finance the projed costs, plus the CWCB's loan servioe fee of 1°r6, and <br />2. to levy and oollect assessments from the shareholders in an amount sufficient to pay the annual <br />amour�ts due under the Loan Contract, and to pledge assessment revenues and the Company's <br />right to receive said revenues for repaymer�t of the loan, and <br />3, to place said pledgecl re�nues in a special acxount separate and apart from other ConnPANY <br />�evenues, and <br />4. to make the annuat payments required by the promissory and to m e a ual deposits to a <br />debt service reserve fund, ar� <br />5. to pledge as collateral the Com y's wa stora rights in nd Mesa Reservoirs #1 and #9 <br />or any other Company tis%cto the pany and the CWCB as collaterat for the <br />loan and to execute a d i trust or an ch document necessary to convey a security <br />interest to the CWCB in said p rty, and <br />6. to execute all docume�s as required by the loan contract, induding, but not limited to, a Securiiy <br />Agreement and a Promissory Note, and <br />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and 'mnplement the loan. � <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY/TREASURER OF THE COMPANY, <br />HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED <br />AT A MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HEID AS ABOVE RECITED, PURSUANT <br />TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN i1N�R OWR HANDS AND THE SEAL OF THE COMPANY THE a� DATE OF c T�4tI't � �• � <br />�� <br />BY <br />( S E A L) J n Whiting, P Kient <br />ATTEST: <br />By 1 � ��-�-,.�. Q <br />Rod J. Bonnell, Secnetary/Treasu� <br />Appendix 3b to Loan Contract C150157 <br />