C153769 Paid in Full Contract

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

'10'-fESOLUTION OF THE STOCKHOLDERS OF
',';'1 \ ,?\ THe A ICULTURAL DITCH AND RESERVOIR COMPANY
Concern 1 , (;,the "Loan") in the amount of $300,000 from the
. aof c61,0ra_ ;:�Ir Conservation Board ( "State" ) for the pur-
p ci re
* habili ating the Welch Ditch System, the following reso-
lutions were ado ted by the stockholders of The Agricultural Ditch
and Reservoir 0 pany ( "Company" ) at a shareholders ' meeting held
June 23, 1997 a Lakewood, Colorado. The shareholders hereby
charge that th-3 resolutions be irrepealable during the life of
the loan and h-r1 by authorize the Company's Board of Directors as
follows:
I
1. RESO \? D, to enter into a contract (the "Loan Contract")
with t e Colorado Water Conservation Board for the Loan
in tI4 amount of $300,000 and to comply with all the
term: if the Loan Contract, and
2 . RESO V D, to make and levy assessments sufficient to pay
the :rli ual amounts due under the Loan Contract, includ-
ing, •' t not limited to, annual loan payments and depos-
its 4 the reserve debt service fund, and
I
1
3. RESO V D, to implement any requirement of the Loan Con-
trac o place assessment revenues pledged to make annual
Loan . :yments in a special account separate and apart
from Oiher Company revenues, and
a
4 . RESO D, to make annual payments and to make annual
depo=ii s to a debt service reserve fund in accordance
with e Loan Contract, and
I
5. RESO ' D, to execute all documents as required by the
Loan c ntract, including, but not limited to, a Security
Agre-r1-nt, an Assignment of Deposit Account as Security,
• ppendix 1 to Loan Contract C153769