C150389 Contract

• Contract/PO #: CT2015-046
• Contract/PO #: C150389
• Contractor Name: Haldi Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF HALDI DITCH COMPANY
The Board of Directors of the Haldi Ditch Company (Company), at a meeting held I■-'L , 2013, at
Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board (CWCB), for the purpose of the Emergency Haldi Ditch Repair in the amount of$50,500 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 $50,500, 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
8. to pledge, as COLLATERAL, for the loan the Company's, assessment revenues backed by a rate covenant and an
undivided one hundred percent(100%) interest in the HALDI PIPELINE;and
5. 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
6. 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 BEEN AMENDED OR
RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE /C DAY OF 4/:(,r' .)/11/t. 2t-=/ 201 -
(SEAL) C�
By • ' ;a 4 ✓1,eAc‘f.
Signature
ATTEST: /
NAME: (re. AA A /-• c - vf4 4 (
By (c I< I el,., TITLE: Ore (fit
Signature of Corporate Secretary DATE: U( —O Ct --I-I LA
DATE: ( ��� 7L,
Appendix 3b to Loan Contract C150389
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