Laserfiche WebLink
RESOLUTIONS OF THE SHAREHOLDERS <br /> OF SANFORD CANAL COMPANY <br /> The Shareholders of Sanford Canal Company(Company), at a Shareholders' meeting held Oct 7, 2013 <br /> afSanford, Colorado, adopted the following resolutions concerning a secured loan from the State of <br /> Colorado Water Conservation Board (CWCB), for the purpose of the Sanford Diversion and Headgate <br /> Rehabilitation Project in the amount of$101,000 or such actual amount, more or less, as may be needed by <br /> the Company and available from the CWCB including the CWCB loan origination fee of 1% of the loan <br /> amount. <br /> At said meeting,the Shareholders charged that these resolutions are irrepealable during the term of <br /> the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, <br /> RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a <br /> loan in the amount of$101,000, or such actual amount, more or less, as needed to finance the project <br /> costs,including the CWCB loan origination fee of 1%,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br /> due under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive <br /> said revenues for repayment of the loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, <br /> and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund,and <br /> 5. to pledge its assessment revenues backed by a rate covenant and an undivided one hundred percent <br /> (100%) interest in the PROJECT, which includes the diversion, headgate and measurement equipment, <br /> and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE, SECURITY AGREEMENT and DEED OF TRUST, necessary to convey a security interest in said property <br /> to the CWCB,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate <br /> and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT <br /> THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, <br /> AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE30 DAY OF August 2014. <br /> (SEAL) 'l/ <br /> By <br /> Signature <br /> ATTEST: <br /> NAME: Marty Peterson <br /> Y 1/1 /_ 4 -1'�' TITLE: President, <br /> r r DATE: Au00, 014 <br /> Signature f C ate Sec etary <br /> DATE: Aug 30, 2014 <br /> Appendix 3a <br /> Page 1 of 1 <br />