CT2015-017 Contract Amend 1 - Laserfiche WebLink

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RESOLUTIONS OF THE BOARD OF DIRECTORS OF BERGEN DITCH AND RESERVOIR COMPANY The Board of Directors of Bergen Ditch and Reservoir Company(Company), at a duly noticed meeting held by telephone conference call on February 23, 2016, approved a modification to a loan from the Colorado Water Conservation Board(CWCB),authorizing the form and execution of a loan contract amendment and the appendices thereto: pledging certain funds as security for the repayment of amounts specified in the Loan Contract Amendment No. 1. At said meeting,the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the Company's bylaws,authorized the President and Corporate Secretary, RESOLVED as follows: 1. to modify the terms of the Loan Contract#CT2015-017(C150344)with the Colorado Water Conservation Board,increasing the loan contract amount from$2,020,000.00 to$2.111,102.00. 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 AMENDMENT TO PROMISSORY NOTE and to make annual deposits to a debt service reserve fund,and 5. to pledge the assessment revenues backed by a rate covenant and the Project itself including the outlet works and toe drain as COLLATERAL for the loan and execute all documents, including a security agreement and DEED OF TRUST,necessary to convey a security interest in said property to the CWCB, 6. to pledge the annual shareholders assessments for debt service and the property of the Company described in Exhibit A,APPENDIX 3b,of the ORIGINAL CONTRACT, Resolutions of the Board of Directors, as COLLATERAL for the loan. and, 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 COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I— DAY OF Y fti t 2016. SEAL) • .7 By kt-" n ATTEST: -„9. NAME: COLIN INSLEY By ) - - TITLE: PRESIDENT Signature of Corporate/ e etary ` i.. . 1 DATE: Z,' 3/may.e.4%' DATE: /1)--1 1 APPENDIX E