C150318 Contract

• Contract/PO #: C150318
• Contractor Name: Last Chance Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF LAST CHANCE DITCH COMPANY
Th Board of Directors of Last Chance Ditch Company (Company), at a meeting held
St 2011, at Colorado, adopted the following resolutions concerning a
secured lo' n from the State of Colorado Water Conservation Board (CWCB), for the purpose of
constructio of the Ditch Headworks Replacement Project in the amount of $185,436 or such
actual am nt, more or less, as may be needed by the Company and available from the CWCB
including tt e CWCB loan origination fee of 1 % of the loan amount.
At Q aid meeting, the Board charged that these resolutions are irrepealable during the term
of the loar and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, RESOLVED as follows.
1. to entei into and comply with the terms of a contract with the Colorado Water Conservation
Board f r a loan in the amount of $185,436, or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1 %, and
2. to levy nd collect assessments from the shareholders in an amount sufficient to pay the annual
amount; due under the Loan Contract, and to pledge assessment revenues and the Company's
right to eceive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other COMPANY
revenu s, and
4. to mak the annual payments required by the promissory note and to make annual deposits to
a debt ervice reserve fund, and
5. to pled a the Company's water rights as collateral for the loan and execute all documents,
includin a security agreement and deed of trust, necessary to convey a security interest in said
prope to the CWCB,
6. to exec to all documents as required by the loan contract, including, but not limited to, a
Securi Agreement and a Promissory Note, and
7. to take such other actions and to execute such other documents as may be necessary to
consu mate and implement the loan.
CERTIFICATION
THE UNDER 3IGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY' BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ZU DAY OF 6 r1-Dl Pr 2011.
(SEAL)
James French, President
ATTEST:
Appendix 3b to Loan Contract C150318