Laserfiche WebLink
RESOLUTION <br /> A RESOLUTION CONCERNING A LOAN IN THE AMOUNT OF <br /> $45,000.00 FROM THE STATE OF COLORADO WATER <br /> CONSERVATION BOARD ("STATE"),FOR THE PURPOSE OF <br /> REHABILITATING THE COMPANY'S RIVER DIVERSION STRUCTURE, <br /> ADOPTED BY THE BOARD OF DIRECTORS OF THE COMPANY AT A <br /> SPECIAL MEETING OF THE BOARD HELD ON JUNE 21, 1996,AT <br /> SNYDER, COLORADO. <br /> RESOLVED: the Directors hereby authorize and ' AlltsonJ. Lake <br /> and Secretary Robert B. Chapin, on behalf of the Comp , <br /> a) Execute,and deliver the Contract • >; • 4 to d with <br /> the Colorado Water Conservation Board for a to a. p'r f o 5 3 1.!I, and <br /> to comply with all the terms of the Loan Contract and Promissory Note; an. <br /> b) Pay the indebtedness on behalf of the Company; and <br /> c) Execute and deliver the Conditional Assignment of Contract <br /> Proceeds as required by the State to provide the security specified in the collateral <br /> provisions of the Loan Contract and Promissory Note; and <br /> d) Make and levy assessments sufficient to repay the annual amount <br /> due under the terms of the Loan Contract and Promissory Note and to establish a <br /> debt service reserve fund by making an annual deposit equivalent to one-tenth of <br /> an annual payment every year1or ten years and to replenish such fund anytime it is <br /> depleted; and <br /> e) Place this assessment revenue and revenues from handling fees <br /> paid to the Company by Pioneer Water and Irrigation, Inc. in a special fund separate <br /> and apart from other Company revenues in an amount sufficient to assure <br /> repayment of these revenues to the State; and <br /> f) Execute and deliver Uniform Commercial Code Security <br /> Agreements and Financing Statements in accordance with the pledge of revenue <br /> provisions of the Loan Contract and Promissory Note to secure the assessment <br /> revenues and revenues from handling fees paid to the Company by Pioneer Water <br /> & Irrigation, Inc. in favor of the State to secure the repayment of the loan to the <br /> State; and <br /> g) Not repeal the Resolution during the term of the Loan Contract and <br /> Promissory Note. <br /> [END OF RESOLUTION] <br />