C150376 Contract

• Contract/PO #: C150376
• Contractor Name: Ish Reservoir Company
• Contract Type: Loan
• Water District: 6
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF ISH RESERVOIR COMPANY
The Shar holders of the Ish Reservoir Company (Company), at a Shareholders' meeting held //--14.
2013, located ,-Colorado, adopted the following resolutions concerning a secured loan from the State of
Colorado Water C nservation Board (CWCB), for the purpose of the Emergency Inlet and Diversion Structure
Repair in the amount of $207,050 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 Shareholders charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, 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$207,050 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, as COLLATERAL, for the loan the Company's, assessment revenues backed by a rate covenant and
the BORROWER'S interest in the Ish Reservoir, and
6. to execute all documents as required by THE LOAN CONTRACT, including, but not limited to, a PROMISSORY
NOTE, SECURITY AGREEMENT, and DEED OF TRUST necessary to convey a security interest in said property to
the CWCB, 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, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S
SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID
RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 1 4,7 DAY DAY OF / J,)v'1 m 1I.,f.2013.
(S E A L)
By Q,Gett. )ditp-1
Signature
ATTEST:
NAME: S-(4l;lJu
BytO(PA/Wu f TITLE: T S.f i--)T
Signature of Corporate Secretary DATE: l/-19—
DATE: !/ /r /J
Appendix 3a to Loan Contract C150376
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