C150378 Contract - Laserfiche WebLink

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RESOLUTIONS OF THE SHAREHOLDERS OF THE NORTH POUDRE IRRIGATION COMPANY The Shareholders of The North Poudre Irrigation Company (Company), at the Annual Shareholders' Meeting held February 3rd, 2014, at 4482 ECR 56, Fort Collins, Larimer County, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of the Reservoir No. 4 Rehabilitation Project in the amount of $1,636,200 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 $1,636,200, 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 and covenant and an undivided one hundred percent (100%) interest in the RESERVOIR NO. 4 DAM AND 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 THE ANNUAL MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO tHE COMPANY'S ARTICLES OF INCORPORATION AND BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 3RD DAY OF FEBRUARY, 2014. ( SEAL ) / � By Signature ATT�E� Name: Nels Nelson By OJJCtU /4 Title: President Signature of Corporate Secretary Date: February 3, 2014 Name: Sharon Seaworth Date: February 3, 2014 Appendix 3a to Loan Contract C150378