C150362 Contract

• Contract/PO #: CT2015-022
• Contract/PO #: C150362
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF GREELEY AND LOVELAND IRRIGATION COMPANY
The Board of Directors of Greeley and Loveland Irrigation Company (Company), by unanimous consent,
approved a modification to Loan Contract No. CT2015-022 (C150362), from the Colorado Water
Conservation Board (CWCB), authorizing the form and execution of a loan contract amendment and the
appendices thereto; pledging certain funds as security for the repayment of amounts specified in the Loan
Contract Amendment No. 1.
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 modify the terms of the Loan Contract No. CT2015-022 (C150362) with the Colorado Water
Conservation Board, increasing the loan contract amount from$3,154,230.00 to$3,745,080.00,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 an undivided one hundred percent(100%) interest in the BOYD LAKE HIGH-LEVEL OUTLET PROJECT,
and
6. to execute all documents as required, including the Loan Contract Amendment No. and all Amendment
Appendices, including but not limited to, the Amended Promissory Note,Amended Security Agreement,
and Amended 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,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING
ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED,BY UNANIMOUS CONSENT,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 2) DAY OF TJ.t e.P Nn % 2015.
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