C150235 PIF Documents

• Contract/PO #: C150235
• Contractor Name: Platte Valley Irrigation Company
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTION` OF THE BOARD OF DIRECTORS
OF PLATTE VALLEY IRRIGATION COMPANY
The Board of Directors of Platte Valley Irrigation Company (Company), at a Shareholders'
meeting held December 19, 2006, at Evans , Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
purpose of constructing the Platte Valley Reservoir No. 1 and adding measurement and control
devices on the Company's main ditch, in the amount of $2,388,650 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 $2,388,650, 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 the Company's interest in the Project, including the Platte Valley Reservoir No. 1 and
inlet and outlet appurtenances, as collateral for the loan and execute all documents, including a
security agreement and deed of trust, necessary to convey a security interest in said property to
the CWCB,
�,
6. to execute all documents as required by the loan contract, incl u ;mited to, a
Security Agreement and a Promissory Note, and ,
7. to take such other actions and to execute such other do. as may •- ecessary to
consummate and implement the loan. ?)
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY C HE
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.
GIV h.-Uf DER O)R,HANDS AND THE SEAL OF THE COMPANY THE] 9th DAY OF December 2006.-;"(C
B
I Kevin Schmidt, President
'ATTEST:
ny
Donna Coble, Corporate Secretary
Appendix 3b to Loan Contract C150235