CT2015-171 Contract

• Contract/PO #: CT2015-171
• Contractor Name: Lower Poudre Augmentation Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF LOWER POUDRE AUGMENTATION COMPANY
The Shareholders of Lower Poudre Augmentation Company (Company), at a Shareholders' meeting
held. , 2015, at(-uC rrW-Colorado, adopted the following resolutions concerning a secured loan from
the State of Colorado Water Conservation Board (CWCB), for the purpose of Cornish Water Rights Purchase
Project in the amount of$1,163,015 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 Shareholders 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, 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$1,163,015, 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 well augmentation fee assessment revenues backed by an assessment
covenant and an undivided one hundred percent (100%) interest in the water shares purchased with the
loan proceeds as COLLATERAL for the loan and
6. 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
7. 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 SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS,
AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. �7
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE DAY OF �I L3 64.)E 2015.
(S E A L) By ,, ' `/
�j Signature /
ATTEST: NAME: ( e �� J{, her"
By -f�-. l f�.
gnature of Corporate Secretary TITLE: Prf'S/4 4V
DATE: 4"'11—/1
DATE: /'s'
Appendix 3a
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