C150279 Contract

• Contract/PO #: C150279
• Contractor Name: Boulder White Rock Ditch and Reservoir Company
• Contract Type: Loan
• County: Boulder
• County: Weld
• Loan Projects - Doc Type: Contract Documents

• s
RESOLUTIONS OF THE SHAREHOLDERS
OF THE BOULDER AND WHITE ROCK DITCH AND RESERVOIR COMPANY
The Shareholders of the Boulder and White Rock Qitch and Reservoir Company
(Company), at a Shareholders' meeting held CeB. :2 , 2009, at °.'r -,— Colorado, adopted the
following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board (CWCB), for the purpose of constructing the Panama Reservoir Outlet Project in the amount
of $2,430,060 or such actual amount, more or less, as may be needed by the Company and
available from the CWCB including the CWCB loan origination fee of 1% of the loan amount.
At said meeting, the Shareholders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, RESOLVED as follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $2,430,060, 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 and collect assessments from the shareholders in an amount sufficient to pay the annual
amounts due under the Loan Contract, and to pledge assessment revenues and the Company's
right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other COMPANY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge the Company's rights and interest in the Panama Reservoir as collateral for the loan
and execute all documents, including a security agreement and deed of trust, necessary to
convey a security interest in said property to the CWCB,
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
MEETING OF THE COMPANY'S SHAREHOLDERS 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.2-0 DAY OF t &Lj A i,- /--2009.
(SEAL)
ATTEST:
By
Dan Grant, Secretary/Treasurer
r
By
Julius Van Thuyne, Jr , Pr ident
Appendix 3a to Loan Contract C150279