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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF SEVEN LAKES RESERVOIR COMPANY <br /> The Board of Dire tors of Seven Lakes Reservoir Company (Company), at a meeting held <br /> Rio/o 9 , 2013, at d , Colorado, adopted the following resolutions concerning a secured <br /> loan from the State of C lorado Water Conservation Board (CWCB) to the Greeley & Loveland <br /> Irrigation Company, for the purpose of the Irrigation System Improvements Project, in the amount <br /> of $3,154,230 or such actual amount, more or less, as may be needed by the Company and <br /> available from the CWCB including the CWCB loan origination fee of 1% of the loan amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the <br /> term of the loan and, pursuant to the Company's bylaws, authorized the President and <br /> Corporate Secretary, RESOLVED as follows: <br /> 1. to pledge, as COLLATERAL, for the loan the Company's, an undivided one hundred percent <br /> (100%) interest in the HORSESHOE HIGH-LEVEL OUTLET PROJECT, and <br /> 2. to execute all documents as required by THE LOAN CONTRACT, including, the DEED OF <br /> TRUST necessary to convey a security interest in said property to the CWCB. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br /> COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED AR C RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE �f' . DAY OF .ti 2013. <br /> (SEAL) <br /> By , . % -/r <br /> Signature <br /> ATTEST: <br /> NAME: 06R-/11 s4m, j.. <br /> f � y <br /> By I I�t-g)L ' .1,Q ��/in j TITLE: 7"e E5( 6 <br /> Sighature of Corporate Secretary DATE: 10/1/z-O Al <br /> DATE: /6/9/2d /3 <br /> Appendix 3d to Loan Contract C150362 <br /> Page 1 of 1 <br />