C150157 contract docs ‎(2)‎

• Contract/PO #: C150157
• Contractor Name: Grand Mesa Reservoir Company
• Contract Type: Loan
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

RESOLUTIQNS OF THE SH14REHQLDERS
OF THE GRAND MESA RESERVOIR COMPANY
The Sharehoiders of The Grand Mesa Reservoir Company (Company), at a meeting held
�.. !� , 2003, at �' ���-r , Colorado, adopted the foliowing resolutions conc�rning
a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
rehabilitation of the Grand Mesa Reservoirs #1 and #9, in the amount of $180,000 or such actual
amount, more or less, as may be needed by the Company and available from the CWCB, in
addition to the CWCB's ban service fee of 1% of the loan amount.
At said meeti�g, the Shareholders charged that these resolutions are irrepealable during the
term of the loan and, pursuan# to the Company's byiaws, authorized the Board of Directors and
officers, RESOLVED as follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $180,000, or such actual amount, more or iess, as needed to
finance the project c�ts, plus the CWCB's loan service fee of 1°h, and
2. to levy and collect assessments from the shaceholders i� an amount sufficient to pay the annual
amounts due under the �oan Contract, and to pledge assessment revenues and the Company's
right to rec�ive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other CoMPANY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to a
debt service reserve fund, and
5. to ptedge as coAateral the Company's water storage rights in Grand Mesa Reservoirs #1 and #9
or any other Company property satisfactory to the Company and the CWCB as collateral for the
toan and to execute a deed of trust or any such document necessary to convey a security
interest to the CWCB in said property, artd
6. to execute all documents as required by the loan contract, including, but not limited to, a Security
Agreement and a Prom�ssory Note, and
7. ta take such other actions and to execute such other documents as may be necessary to
consummate and implement the toan. �
CERTIFICATI�N
THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY/TREASURER OF THE COMPANY,
HEREBY C�RTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED
AT A MEETING OF THE COMPANY�S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PUR3UANT
TO TNE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMEIVDED OR RESCINDEO.
GIVEN lJNDER OUR HANDS AND THE SEAL �F THE COMPANY THE �� DATE OF �TC1I'I � �•
a�c� �
By
( S E A L) J n Whiting, P ident
ATTEST:
By � � � �l
Rat J. Bonnell, Secretary/Treasurer
Appendix 3b to Loan Contract C150157