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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF FARMERS PAWNEE CANAL COMPANY <br />The Board of Directors of Farmers Pawnee Canal Company (Cotnpany), at a meeting <br />held ! )qv- I(, 2008, at S46-G,-,, Colorado, adopted the follorrng resolutions concerning a <br />secured ban from the State of C61orado Water Conservation Board (CWCB), for the purpose of <br />rehabilitation of the Farmers Pawnee Coral Company ditch flow control stnxtures in the amount <br />of $227,250 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB including the CWCB loan origination fee of I% of the loan amount. <br />At said meeting, the Board charged that these resolutions are irropealable during the <br />term of the loan and, pursuant to the Company's bylaws, authorized the President and <br />Corporate Secretary, RESOLVED as toilows. <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 $227, 250, or such actual amount, mope or less, as needed to <br />finance the project costs, Including the CWCB ban origination fee of 1 ib, and <br />2. to levy and collect assessrnents from the shareholders 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 low, and <br />3. to place said pledged reveries 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 a <br />debt service reserve fund, and <br />5. to execute all docurrIents as requited try the loan coritrac t. including, but not limited to, a Security <br />Agreement and a Promissory Note, and <br />3 to take such other actions and to execute such outer documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED. THE PRESIDENT AND THE CORPORATE SECRETK Y HERESY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSL!ANT TO THE <br />COMPANY'S BYLAWS. AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED <br />d OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COM C1 PANY THE 1"DAY of . /v/o vz - Ger 2oog, <br />(SEAL) <br />Steno `Nags hresicWnt <br />Appendix 3 to Loan Contract C150272 <br />