C153568 3/27/12

• Contract/PO #: C153568
• Contractor Name: Coon Creek Reservoir & Ditch Company
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

Next, the meeting turned to the consideration of a resolu-
tion approving a contract for a loan from the Colorado Water
Conservation Board to the Coon Creek Reservoir & Ditch Company
to repair Coon Creek Reservoir Nos. 1 and 2 for the benefit of
the shareholders of the Company and the authorization of the
President and Secretary to enter into such contract. A copy of
the proposed contract was made available and was reviewed and
discussed by the shareholders present, and is attached hereto.
After due consideration of the contract, the shareholders
adopted the following resolution by a vote of 891 to 0 (each
share equals one vote):
RESOLUTION
The contract for a loan from the Colorado Water Conservation
Board to the Coon Creek Reservoir & Ditch Company to repair Coon
Creek Reservoir Nos. 1 and 2 for the benefit of the shareholders
of the Company is hereby approved, and the President and
Secretary are hereby authorized to execute such contract and
thereby bind the Company thereto.
The meeting next turned to a discussion of the revenues
necessary to meet the Company's obligations under the above -
referenced contract. A full discussion and consideration was
held concerning the revenues available by the Company for the
repayment of the loan, the commitment of a security interest in
the reservoirs, and a recognition that special assessments and
additional fees and charges by the Company may be necessary in
order to repay the loan evidenced by the contract. After full
discussion of these and other issues, the following resolution
was adopted by the shareholders by a vote of 891 to 0 (each
share equals one vote):
RESOLUTION
The stockholders of the Coon Creek Reservoir & Ditch Company
hereby pledge the revenues of the Company in amounts to assure
the repayment of the state loan referenced in the contract with
the Colorado Water Conservation Board, and authorize the
Directors to levy such regular or special assessments as are
necessary to pay the annual interest and principal payments on
such loan. In so resolving, the shareholders expressly
recognize that special assessments and additional fees and
charges may be necessary in case anticipated revenues are insuf-
ficient for the purpose of making such payments. The share-
holders further authorize the Directors, and specifically the
President and Secretary, to negotiate, enter into, and execute
such contracts, promissory notes, lien documents, ds, and /or
other documents necessary to acquire said loan, he ur ose
of accomplishing the completion of the pro' fe in
said contract. Specifically but without li on are -
holders hereby authorize the President and S et execute
and deliver to the Colorado Water Conservation deed of
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