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RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />WELL AUGMENTATION SUBDISTRICT OF THE <br />CENTRAL COLORADO WATER CONSERVANCY DISTRICT <br />WHEREAS, the Well Augmentation Subdistrict of the Central Colorado Water <br />Conservancy District in Weld, Adams and Morgan Counties, Colorado (the "Subdistrict "), <br />is a quasi - municipal corporation and political subdivision of the State of Colorado (the <br />"State "), acting pursuant to the provisions of Article 45 of Title 37, C.R.S. (the "Water <br />Conservancy Act "), and established for the purpose of providing the beneficial use of <br />water, conservation of water and construction of works within the Subdistrict; and <br />WHEREAS, Subdistrict was authorized, pursuant to a regular election of the qualified <br />electors of the Subdistrict, duly called and held November 2, 2004, to incur indebtedness <br />in the aggregate of $39,000,000 and to authorize a mill levy not to exceed 9 mills, for the <br />purchase of water rights and the construction of water storage facilities; and <br />WHEREAS, the Board of Directors of the Subdistrict (the "Board ") resolved to seek a <br />loan from the Colorado Water Conservation Board (the "CWCB Loan ") in a principal <br />amount not to exceed $3,030,000. <br />THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE WELL <br />AUGMENTATION SUBDISTRICT OF THE CENTRAL COLORADO WATER <br />CONSERVANCY DISTRICT IN THE COUNTIES OF WELD, ADAMS AND MORGAN, <br />AND THE STATE OF COLORADO: <br />The Board hereby authorizes and directs the Board's President, Gary Herman, and <br />Board's Secretary, Randy Ray, to execute and deliver on behalf of the Subdistrict a <br />Loan Contract, Promissory Note, and Security Agreement and such other <br />documents referenced in the loan commitment to obtain the CWCB Loan. <br />2. This resolution was authorized by all of the members of the Board at its regular <br />meeting held at 3209 West 28th Street, Greeley, Colorado on February 19, 2013, <br />and will remain in effect until closing of the CWCB loan. <br />3. This Resolution shall take effect immediately upon its passage. ADOPTED AND <br />AP�PRO9'I�ED this 19th <br />day of February, 2013. <br />k, OP1,0 <br />WELL AUGMENTATION SUBDISTRICT <br />GSEAL C-- '; <br />OF THE CENTRAL COLORADO WATER <br />Q : : <br />CONSERVANCY DISTRICT IN WELD, <br />2004 <br />ADAMS AND MORGAN COUNTIES <br />., <br />[SEAL] <br />By <br />Gar Herman, President <br />ATTEST: <br />By :7.Ze -�� <br />Randy Ray, Secretary <br />Appendix 3 to Loan Contract C150337 <br />