Laserfiche WebLink
0 0 <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE JACKSON DITCH COMPANY <br />The Shareholders of The Jackson Ditch Company (Company) adopted the following <br />resolutions concerning a secured loan from the State of Colorado Water Conservation Board <br />(CWCB), for the purpose of construction of the System Rehabilitation Project in the amount of <br />$124,533 or such actual amount, more or less, as may be needed by the Company and available <br />from the CWCB including the CWCB loan origination fee of 1 % of the loan amount. <br />The Shareholders also charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, RESOLVED as follows. <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $124,533, or such actual amount, more or less, as needed to <br />finance the project costs, including the CWCB loan origination fee of 1%, and <br />2. if collected revenues are insufficient to service annual payments due under the loan, to levy and <br />collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br />due under the Loan Contract, and to pledge assessment revenues and the Company's right to <br />receive said revenues in an amount sufficient to service the loan as described in the Loan <br />Contract and Security Agreement, and <br />3. to place said pledged revenues in a special account separate and apart from other COMPANY <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />6. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE <br />TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED PURSUANT TO THE COMPANY'S BYLAWS, <br />AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE DAY OF 2012. <br />(SEAL) <br />ATTEST: <br />Heather Thiede, Secretary <br />�s11 ✓IL....�/ <br />Appendix 3b to Loan Contract C150323 <br />