Laserfiche WebLink
0 0 <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF BIG ELK MEADOWS ASSOCIATION <br />The Board of Directors of Big Elk Meadows Association (Company), at a meeting held <br />January 14, 2012, at Big Elk Meadows, Colorado, adopted the following resolutions concerning a <br />secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />construction of the Raw Water System Improvements Project in the amount of $272,700 or such <br />actual amount, more or less, as may be needed by the Company and available from the CWCB <br />including the CWCB loan origination fee of 1 % of the loan amount. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the President and Secretary, <br />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 $272,700, 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. to levy and collect assessments from the members in an amount sufficient to pay the annual <br />amounts due under the Loan Contract, and to pledge assessment revenues and the Company's <br />right to receive said revenues for repayment of the loan, 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 pledge a 40 -acre parcel of land as collateral for the loan and execute all documents, <br />including a security agreement and deed of trust, necessary to convey a security interest in said <br />property to the CWCB, <br />6. 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 />7. 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 AT A MEETING OF THE COMPANY'S <br />BOARD OF DIRECTORS DULY CALLED AND HEIR AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, 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 />BY <br />ATTEST: <br />By <br />Roy McCutchen, ecretary <br />Appendix 3 to Loan Contract C150327 <br />