CT2015-142 Contract

• Contract/PO #: CT2015-142
• Contractor Name: Supply Irrigation Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF SUPPLY IRRIGATING DITCH COMPANY
414" t/A ay
The Board of Directors of the Supply Irrigating Ditch Company (Company), at a meeting held 9 ',
204, at a46/$10MColorado, adopted the following resolutions concerning a secured loan from the State of
Colorado Water Conservation Board (CWCB), for the purpose of the Emergency Supply Ditch Rehabilitation
Project in the amount of $324,210 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 $324,210, 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
1. to pledge, as COLLATERAL, for the loan the Company's, assessment revenues backed by an assessment
covenant and an undivided one hundred percent (100%) interest in the Diversion Dam, Headgate Structure,
and Flume.
5. 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
6. to take such other actions and to execute such other documents as may be necessary to consummate and
implement the loan.
CERTIFICATION
THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE 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. 14--
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ei DAY OF -S 00/4.1 4 2016--
(SEAL)
By
Signat e
ATTEST:
NAME:
By ap<,A TITLE: Cili7 , Dv-4-A
Signature of Corporate Secretary DATE: 1)6/
DATE: I/9
Appendix 3a
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