Laserfiche WebLink
May. 12. 2008 6: 50AM HENRYLYN IRRIGATION No. 1745 P. 1 <br /> Resolution Regarding Establishment and Maintenance <br /> of Debt Service Reserve Account <br /> WITNESS THIS RESOLUTION made and adopted by the Board of Directors ("Board") <br /> of the Henrylyn Irrigation District (-District") at its regular Board Meeting held in Hudson, <br /> Colorado this 2nd day of May,2008. <br /> WHEREAS; the Board previously determined that the District's Prospect and Horse <br /> Creek Reservoirs are in need of certain repairs to their outlet works and toe drains, and the <br /> District thus commissioned an engineering study of the repairs indicated and a feasibility study <br /> of the best manner of payment for such repairs; and <br /> WHEREAS, as a result of said studies, the District sought financing for the repair <br /> projects through the Colorado Water Conservation Board ("CWCB") and thereafter the CWCB <br /> authorized a loan to the District for the indicated repairs of Prospect and Horse Creek Reservoirs <br /> in the principal sum of$2,184,327,with interest at 2.25%per annum,for a term of 30 years;and <br /> WHEREAS, at a Special Question Election of the qualified elector landowners of the <br /> District held on December 6, 2007, the Board was authorized to enter into, and incur, a <br /> repayment obligation with the CWCB for the above referenced repairs and upon the above <br /> referenced terms by a vote of 234 aye and 27 nay; and <br /> WHEREAS, the CWCB Contract, #C150252, requires that the District establish and <br /> maintain a debt service reserve account in the amount of the scheduled annual repayment <br /> obligation of$99,915.00 under the Contract and that in the event the District applies funds from <br /> such account to future repayment of the loan, then the District shall replenish such account <br /> within ninety(90)days of the withdrawal of any such funds. <br /> NOW THEREFORE, IT IS RESOLVED AND AGREED that the Henrylyn Irrigation <br /> District shall set aside, establish and maintain the District's $100,000.00 Time Certificate of of <br /> Deposit, Number 0712764033, (copy attached) with the Colorado East Bank and Tent of <br /> Keenesburg, Colorado as a dedicated CWCB Debt Service Reserve Account for repayment <br /> District's obligations to the CWCB under Contract#C150252 and in the event that the District <br /> should hereafter apply any funds from this account to repayment of the CWCB loan, then the <br /> District shall replenish said account within ninety(90)days of withdrawal of such funds. <br /> DONE and SIGNED at Hudson,Colorado this 2"d day of May,2008. <br /> f <br /> ATT / Kenn- I I oilers, President <br /> , .<a..., . 'u�.� <br /> Rodney B:4 gartner, Sej . <br /> • <br /> 1 <br />