Laserfiche WebLink
RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF THE BRIGHTON DITCH COMPANY 1 <br /> T Board of Directors of The Brighton Ditch Company (Company), at a meeting held k 1 i(r , <br /> „ <br /> 201• ilt-fiauL4tra,Colorado,adopted the following resolutions con ernmg a secured loan from the State of <br /> - .. Water Conservation Board (CWCB), for the purpose of construction of River Breach Repair <br /> Project,in the amount of$225,000 or such actual amount,more or less,as may be needed by the Company <br /> and available from the CWCB including the CWCB loan origination fee of 1%of the loan amount <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the <br /> loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, <br /> RESOLVED as follows. <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a <br /> loan in the amount of$225,000, or such aural amount, more or less, as needed to finance the project <br /> costs,including the CWCB loan origination fee of 1%,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br /> due under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive <br /> said revenues for repayment of the loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, <br /> and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund,and <br /> 5. to pledge the Company's assessment revenues, backed by an assessment covenant, and the Brighton <br /> Ditch diversion and headgate structure as COLLATERAL for the loan,and <br /> 6. to execute all documents as required by the LOAN CONTRACT, induding, but not limited to, a PROMISSORY <br /> NOTE,SECURITY AGREEMENT and a DEED OF TRUST,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate <br /> and implement the loan. <br /> CERTIFICATION <br /> THE UNDER$IGNEa,1THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING <br /> ARE TRUE. OOR& Ot COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF <br /> DIRECTORS DULY11fID HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID <br /> RESOL TIONdT-4 /t'NOT ISI AMENDED OR RESCINDED. • <br /> QUNt�E OUR THE SEAL OF THE COMPANY THE I k DAY OF .� Ll Ckr L: 201 4 {1 f <br /> (SglA ) *A._ <br /> By , R <-- <br /> r 1..7,N A r" Signature <br /> ATTEST: -d l`� ,„ 1 c <br /> NAME: 1 Y-)t,i k Y. 7,,,,k ,‘c'`- <br /> �. <br /> gna `3:'Co ••. .yv Secretary TITLE: PrPS'Cw k—` <br /> NAMEpti• / at-1 . DATE: \ /k ' 1 LO <br /> DATE: /- / & / 61 <br /> Appendix 4b <br /> Page 1 of 1 <br />