C150251 Contract Docs

• Contract/PO #: C150251
• Contractor Name: Montezuma Valley Irrigation Company
• Contract Type: Loan
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF MONTEZUMA VALLEY IRRIGATION COMPANY
Je Board of Directors of Montezuma Valley Irrigation Company (Company), at a meeting
held 2007, at Colorado, adopted the following resolutions concerning a
secure loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
construction of the May Lateral Pipeline Project in the amount of $2,979,825 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 Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, 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 $2,979,825, 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 interest in the Project, including approximately five (5) miles of
pipeline and any associated access easements, 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, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEIy AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I / - DAY OF as 2007.
(SEAL)
ATTEST---- �}
''L etta Leonard, C rporate Secretary
13 y-' t 6�
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andy Carver, President
Appendix 3 to Loan Contract C150251