CT2015-003 Amend 1 Contract

• Contract/PO #: CT2015-003
• Contract/PO #: C150378
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE NORTH POUDRE IRRIGATION COMPANY
The North Poudre Irrigation Company has requested an increase to its existing CWCB Loan
Contract No. CT2015-003 for the Reservoir No. 4 Rehabilitation Project (Project). The Project is
to rehabilitate Reservoir No.4. The requested increase and loan amount is due to the final design
and bids received in September, 2015. This request increases the existing CWCB loan amount
from $1,636,200.00 to$2,263,410.00. This is an increase of$627,210.00 including a loan service
fee of 1%.
The Board of Directors of The North Poudre Irrigation Company(Company), at a meeting
held on February 10, 2016, at 3729 Cleveland Avenue, Wellington, Colorado adopted the
following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board (CWCB), which original loan is dated February 5, 2014 under Loan Contract No. C150378,
in the original amount of$1,636,200.00. This Amendment No. 1 is identified as Loan Contract
No. CT2015-003 (C150378).
At said meeting, the Board charged that these resolutions are irrepealable during the
term of this loan and,pursuant to the Company's bylaws,authorized the President and Corporate
Secretary, RESOLVED as follows:
1. to enter into and comply with the terms of Amendment No. 1, Loan Contract
CT2015-003 with the Colorado Water Conservation Board for a loan in the amount of
$2,263,410.00 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 CONTRACT AMENDMENT, 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 funds; and
5. to pledge as COLLATERAL, for the loan the Company's assessment revenues
backed by a rate and covenant and an undivided one hundred percent (100%) interest in the
RESERVOIR NO. 4 REHABILITATION PROJECT; and
6. to execute all documents are required by the CONTRACT AMENDMENT including,
but not limited to an AMENDMENT TO PROMISSORY NOTE, AMENDMENT TO SECURITY
AGREEMENT, and AMENDMENT TO DEED OF TRUST necessary to convey a security interest in
said property to the CWCB; and
APPENDIX D