C150272A Contract

• Contract/PO #: C150272A
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

Resoluffons of The Board of 011recfors
of Farmers Pawnee Canal Company
The Board of Directors of the farmers Coral Company (Company), at a meeting held April 4,
2011, at Sterling, Colorado, adopted the kollowing resolufions concerning increasing the
amount to a secured ban from the State of Colorado Water Conservation Board (CWCB) for the
purpose of rehabilitation of the Farmers Pawnee Canal Company ditch flow control structures in
the amount of $28,280.00 bringing the told of the loan to $255,530 or such actual amount more
or less, as needed by the Company and available from the CWCB including the CWCB loan
service fees of 1% of the ban amount.
At said meeting, the Board charged that these resolutions are irrepealably during the term of
the loan and pursuant to the Company's bylaws, aulhorhDad the President and Corporate
Secretary, RESOLVED as follows:
1. To enter and comply with the terms of a contract amendment with the Colorado Water
Conservation Board for a ban in the amount of $255,530, or such actual amount, more
or less, as needed to finance the project costs, inducing the CWCB bin service fee of
1%, and
2. To levy and collect assessments from the sfweholders 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 annual payments required by fie promissory note and to mdse annual deposits
to a debt service reserve fund. and
5. To execute all documents as required by the ban contract, including, but not limited to,
a Security Agreement and a Promissory Mote, and
6. To take such other actions and to execute such other documents as may be necessary
to consummate and implement the loan
The Undersigned, The President and the Corporate Secretary Hereby Certify That The Foregoing Are True
And Correct Copies Of The Resakitions Duly Adopted At A Wtee*V Of The Cornpary's Board Of Directors
Duly Called And Held As Above Recited, Pursuant To The Company's Bylaws, And That Said Resolutions
Have Not (teen Amended Or Rescinded.
Given Under Our Hands And The Seal Of The Company The 11 * Day Of April 11, 2011.
(SEAL)
D C�
Steve Wagner resident
ATTEST
By I-eVy%
Larry Kloberdonz, Corporate Secretary
Appendix A to Loan Contract C150272