C153579 PIF

• Contract/PO #: C153579
• Contractor Name: Highline Buzzard Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

•
_ , RESOLUTION OF SPECIAL MEETING OF JULY 14, 1990
REGARDING, INTER ALIA: AUTHORIZATION TO CONTRACT LOAN DEBT AND
REPAYMENTS; AUTHORIZATION TO EXECUTE WARRANTY DEED AND SECURITY
AGREEMENT; AUTHORIZATION TO SIGN AND ENTER INTO CONTRACT WITH THE
STATE OF COLORADO
WHEREAS, the Highline Buzzard Ditch represented by Arza L. Mills
and Fred Feller and James M. Cole entered into discussions and
negotiations with the Colorado Water Conservation Board
(hereafter "State") to secure a loan to repair the ditch; and,
WHEREAS, that entity has been replaced by the Buzzard-Highline
Ditch Company, Inc. , (herefter "Company" ) a non-profit
corporation organized under the laws of Colorado; and,
WHEREAS, the Company has the authority under 3d of its Articles
of Incorporation to borrow money and to pay any indebtedness or
interest by ievyino assessments on the stock of the Company; and
WHEREAS. the President and Secretary-Treasurer have the authority
• to sign all promissory notes and obligations and other contracts
under Section 6 and S of the By-laws of the Company; and,
WHEREAS, the Company and the State have prepared a proposed
contract known as "Project Contract and Promissory Note" 34-04-00
$65,000; and.
WHERAS, the terms of the contract require that the Company take
all acts necessary to lawfully enter the contract and incur the
liability and repay the State, including: adoption of a
resolution approving the contract; the levy of assessments to
assure repayment to the State; and execution of security interest
and Warranty Deed in favor of the State; and setting aside
assessment revenues in a separate fund specifically and solely
for repayment of proposed contracted indebtedness.
RESOLVED BY THE BOARD OF DIRECTORS THAT:
1. The Company is authorized to enter into and sign a contract
with the State to borrow $65,000 for the purpose of repairing the
Highline-Buzzard ditch and protecting the interests of the
shareholders.
2. The President and Secretary-Treasures are authorized to sign
suc contract, security interest, Deed of Trust and Warranty
livelpn
behalf of the Company in the form set forth in the
. . t.
4
3. - -'ssment will be authorized to be levied in a timely
;a Ain an amount sufficient to assure repayment to the
" e contract loan including interest according to the
-rms of the contract and promissory note.
Exhibit A & B