C150252 Paid in Full Contract

• Contract/PO #: C150252
• Contractor Name: Henrylyn Irrigation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF HENRYLYN IRRIGATION DISTRIC
sire
The Board of Directors of Henrylyn Irrigation Dis (Dis ri4.11 'ng held
_'SDecember 4, 2007, at Hudson, Colorado, and after certifying :j wners of
the District have approved the District's proposed loan - .1 - Colorado Water
Conservation Board (CWCB), adopted the following resolutions c• c 5, • • •n from
the CWCB, to be used to repair the outlet works and add toe drains a • - ' P servoir,
and to repair the outlet works at Prospect Reservoir in the amount of$2,184, • actual
amount, more or less, as may be needed by the District and available from the CWCB including
the CWCB loan origination fee of 1% of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the
term of the loan and, pursuant to the Irrigation District Law of 1905, authorized the President
and Secretary, RESOLVED as follows.
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $2,184,327, 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 water taxes from the District's landowners in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge water tax revenues and the
District'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 DISTRICT
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge a 10% interest in Horse Creek Reservoir and a 10% interest in Prospect Reservoir 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 execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, 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 SECRETARY HEREBY CERTIFY THAT THE FOREGOING
ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S
BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE DISTRICT'S
BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED R RESCINDED. /
GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE DAY OF[le e edi e r 2007.
( SEAL) ��++
By ( -11,,1ide) .. G�.
ATTEST: / i
Aer
By �� '_ ,�. � l' ..,/. %ice
Rodney . i gartner, Seci-,ry
Appendix 3 to Loan Contract C150252