C150049 Contract

• Contract/PO #: C150049
• Contractor Name: People's Ditch Company
• Contract Type: Loan
• County: Logan
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE STOCKHOLDERS
OF THE PEOPLES DITCH COMPANY
The Stockholders of the Peoples Ditch Company (Company), at a Stockholders' meeting held
„ 2000, at vvSS, Colorado, adopted the following resolutions concerning
a from the State of Colorado Water Conservation Board (State), for the purpose of constructing a
pipeline to replace the Company's washed-out ditch and diversion, in the amount of $43,000 or
such actual amount, more or less, as may be needed by the Company and available from the
State.
At said meeting, the Stockholders 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 as follows:
1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for a loan in the amount of $43,000, or such actual amount, more or
less, as needed to finance the project costs, and
2. RESOLVED, to levy and collect assessments from the stockholders 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. RESOLVED, to place said pledged revenues in a special account separate and apart from
other COMPANY revenues, and
4. RESOLVED, to make the annual payments required by the promissory note and to make
annual deposits to a debt service reserve fund, and
5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to
serve as collateral and to execute an Assignment of Certificate of Deposit, and
6. RESOLVED, to execute all documents as required by the loan contract, including, but not
limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a
Promissory Note, and
7. RESOLVED, 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 A MEETING OF THE
COMPANY'S STOCKHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S
BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDE,F#OUR HANDS AND THE SEAL OF THE COMPANY THE 1 DAY OF 4 c,2000.•
12A Oa-
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QS-EA By •
President
i
By
ipor. a Secretary
• Appendix 1 a to Loan Contract C150049