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C153726 Paid in Full Contract
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C153726 Paid in Full Contract
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Last modified
4/22/2016 10:25:26 AM
Creation date
4/22/2016 10:19:08 AM
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Loan Projects
Contract/PO #
C153726
Contractor Name
Tremont Mutual Ditch Company
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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RESOLUTION <br /> A RESOLUTION CONCERNING A LOAN IN <br /> AMOUNT OF $45,000.00 FROM THE STATE OF <br /> COLORADO WATER CONSERVATION BOARD ("STATE")„ <br /> FOR THE PURPOSE OF REHABILITATING THE TREMON' ' <br /> E M CH COMPANY'S ("COMPANY") RIVER <br /> D i 1 D .1�:.- , . ' TURE, ADOPTED BY THE SHAREHOLDERS <br /> OF r.c • f0 • A SPECIAL MEETING OF THE SHAREHOLDERS <br /> - HELD 0 ' iii v 1, 1996,AT SNYDER, COLORADO. !, <br /> L I), 1 • - ers hereby authorize and direct tie Board of <br /> Director z• <br /> a) E cecute'and deliver the Loan Contract and PromissoryNote to and <br /> with the Co •radu Water Conservation Board for a loan in the amount cif $45,000.00, <br /> and to comp y with all the terms of the Loan Contract; and <br /> b) Pay the indebtedness on behalf of the Company; and <br /> c) Execute and deliver the Conditional Assignment f Contract <br /> Proceeds as i equired by the State to provide the security;specified in a collateral <br /> provisions o the Loan Contract and Promissory Nota; axc rr <br /> y i <br /> d) Make and levy assessments sufficient to repay the ual amount <br /> due undertili <br /> a terms of the Loan Contract and Promissory Note and .t . establish a <br /> debt service reserve fund by making an annual deposit equivalent to ne-tenth of <br /> an annual p yment every year for ten years, and to replenish that fund at any time <br /> that it is dep eted;and <br /> e) Set aside this assessment revenue and revenues from handling fees <br /> paid to the ompany by Pioneer Water & Irrigation, Inc. in a specialfnd separate <br /> and apart om other Company revenues in an amount sufficieto assure <br /> repayment o such debt to the State; and <br /> f) Execute and deliver Uniform Commercial Code Security <br /> Agreements land Financing Statements in accordance with the pledge] of revenue <br /> provisions of the Loan Contract and Promissory Note to secure the assessment <br /> revenues an revenues from handling fees paid to the Company by Pibneer Water <br /> & Irrigation, Inc..in favor of the State to secure the repayment of thel loan to the <br /> State; and <br /> gg) Not repeal this Resolution during the term of the Loan ontract. <br /> [END OF RESOLUTION] <br />
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