C153769 Paid in Full Contract

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

„,. --'- ”' RES.ELUTION OF THE BOARD OF DIRECTORS OF
A« ' ICULTURAL DITCH AND RESERVOIR COMPANY
COi erliknc " a boas (the "Loan") in the amount of $300,000 from the
State of Colorad' Water Conservation Board ( "State" ) for the pur-
pose of rehabili 'ating the Welch Ditch System, the following reso-
lutions wire ado• ed by the Board of Directors (the "Board") of The
Agricultu al Rit' h and Reservoir Company ( "Company") at a board
meeting h -lld J n= 23, 1997 at Lakewood, Colorado. The Board hereby
charges t at t ele resolutions be irrepealable during the life of
the loan =rtci e -by authorize the Company's President, Secretary
and other ffi qls as follows:
1. ESO VAD, to enter into a contract (the "Loan Contract")
ith tie Colorado Water Conservation Board for the Loan
ill t' e amount of $300,000 and to comply with all the
• rm= ; If the Loan Contract, and
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2 . - SO VAD, to make and levy assessments sufficient to pay
• :flual amounts due under the Loan Contract, includ-
, • t not limited to, annual loan payments and depos-
d the reserve debt service fund, and
3• SO VII), to implement any requirement of the Loan Con-
'zac to place assessment revenues pledged to make annual
canrl= yments in a special account separate and apart
om q her Company revenues, and
4 . • SO! VD, to make annual payments and to make annual
po .1,1s to a debt service reserve fund in accordance
th t e Loan Contract, and
5. R:SOIID, to execute all documents as required by the
an dIntract, including, but not limited to, a Security
Afire- -nt, an Assignment of Deposit Account as Security,
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Appendix 1 to Loan Contract C153769
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