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4b 0 <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE LAKE CANAL RESERVOIR COMPANY <br />he Board of Directors of the Lake Canal Reservoir Company (Company), at a meeting <br />held k " I q , 2009, at , Colorado, adopted the following resolutions concerning a <br />secure loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />constr ting the South Gray Reservoir Rehabilitation & Gray No. 3 Breach Project in the amount <br />of $39:1,900 or such actual amount, more or less, as may be needed by the Company and <br />availab a from the CWCB 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 oan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secret ry, RESOLVED as follows. <br />1. to nter into and comply with the terms of a contract with the Colorado Water Conservation <br />Bo rd for a loan in the amount of $393,900, or such actual amount, more or less, as needed to <br />fin ce the project costs, including the CWCB loan origination fee of 1 %, and <br />2. to I vy and collect assessments from the shareholders in an amount sufficient to pay the annual <br />am unts due under the Loan Contract, and to pledge assessment revenues and the Company's <br />rig to receive said revenues for repayment of the loan, and <br />3. to lace said pledged revenues in a special account separate and apart from other COMPANY <br />rev nues, and <br />4. to r lake the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to ismecute all documents as required by the loan contract, including, but not limited to, a <br />Se urity Agreement and a Promissory Note, and <br />6. to , ake such other actions and to execute such other documents as may be necessary to <br />cor summate and implement the loan. <br />CERTIFICATION <br />THE LIN DERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE <br />FOREG ING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMP Y'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />COMP Y'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN ,AMENDED OR RESCINDED. <br />GIVEN NDER OUR HANDS AND THE SEAL OF THE COMPANY THE J" DAY OF ~� �"✓- 2009. <br />(SEAL) <br />By <br />Rodfiey Nelson, President <br />ATTE T: „ <br />=0 R r-- MWA m n I WW-7r- =-- <br />- - <br />Appendix 3b to Loan Contract C150299 <br />