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RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE NORTH STERLING IRRIGATION DISTRICT <br />WHEREAS, the North Sterling Irrigation District (District), in Logan County, <br />Colorado, is an Irrigation Distric:t organized under the Irrigation District Law of 190� <br />(C.R.S. 37-41-101 to �160), duly organized under the constitution and laws of the State <br />of Colorado; and <br />WHEREAS, the District was authorized, pursuant to a special election of the <br />qualified electors of the District, duly called and held on June 30, 2009, to incur <br />indebtedness in the aggregate principal amount of $1,094,840, with a term of repayment <br />of 20 years at 2.25% annual interest rate, for the purpose of dam and spillway <br />improvements for the Point of Rocks Dam (a.k.a. North Sterling Dam); and <br />WHEREAS, the Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB") has issued its loan commitment to finance a loan to the District to <br />construct the dam and spillway improvement for the Point of Rocks Dam, subject to the <br />District's compliance with applicable statutes regarding the authorization to incur debt; <br />and <br />WHEREAS, the Board of the District has determined that it is in the best interest <br />of the District to construct the dam and spillway improvements for the Point of Rocks <br />Dam with funds obtained from the CWCB according to the terms of the loan commitment. <br />NOW THEREFORE, be it resolved by the Distri�t as follows: <br />1. The Baard of the Distriet hereby authorizes and direets the President, <br />David A. Hernandez, and the Secretary, James Yahn, to execute and <br />deliver on behalf of the District a Loan Contract, Promissory Note, Pledge <br />of Revenues and such other documents referenced in the loan <br />commitment and required to obtain the CWCB loan. <br />2. This resolution was authorized by the Board at its regwlar meeting held on <br />July 8, 2009 and will remain in effect urrtii terminatian and defeasance of <br />the CWCB loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE �ECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING <br />OF THE DISTRICT�S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED AND <br />THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE 8�" DAY OF JULY, 2009. <br />.._ __. <br />(SEAL) ' ' <br />% -�'/ S= <br />/ r � <br />B� ��-, �. _�_�. _. <br />David A. Hemande r ident <br />ATT T: <br />B �� <br />James Yah , Secretary <br />Appendix 3 to Loan Contract C150293 <br />Page 1 of 1 <br />