CT2015-174 Contract

• Contract/PO #: CT2015-174
• Contractor Name: Uncompahgre Valley Water Users Association
• Contract Type: Loan
• County: Montrose
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF Uncompahgre Valley Water Users Association
The Board of Di�ctors of Uncompahgre Valley Water Users Association (Association), at a
meeting held WV's, 2015, at Mr.//too Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for
the purpose of construction of Drop 5 Hydroelectric Project in the amount of$6,999,300 or such
actual amount, more or less, as may be needed by the Association 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 Association'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$6,999,300 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
Association'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 ASSOCIATION
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 Association's assessment revenues backed by an assessment covenant and the
Drop 5 Hydroelectric Facility, as COLLATERAL for the loan, and
6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a
SECURITY AGREEMENT and a PROMISSORY NOTE, 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,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
ASSOCIATION'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
ASSOCIATION'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE 7 DAY OF /14&'tivelo(/L015.
(S E A L) � ( n
By
Signature
ATTES
ii/
NAME: Geo AGE:
By TITLE: �rt¢S
Signatu off1Corpo to Secretary DATE: 1 1 - Y - /5-
DATE:
5DATE: //" 4L-45
Appendix 3b
Page 1 of 1