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 DISTRICT
The Board of Directors of Henrylyn Irrigation District (District), at a meeting held
2007, at , Colorado, adopted the following resolutions concerning a secured loan from
the State of Colorado Water Conservation Board (CWCB), to be used to repair the outlet works
and add toe drains at Horse Creek Reservoir, and to repair the outlet works at Prospect
Reservoir in the amount of $2,184,327 or such actual amount, more or less, as may be needed
by the District and available from the CWCB including the CB loan origination fee of 1% of
the loan amount.
At said meeting, the Board charged that these resol n i, • •'1 •le during the term
of the loan and, pursuant to the District's bylaw thorize• ' -i t and Secretary,
RESOLVED as follows.
1. to enter into and comply with the terms of a co ithI• - -ter Conservation
Board for a loan in the amount of$2,184,327, or such act - •r_ less, as needed
to finance the project costs, including the CWCB loan origination fee ' ,•
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 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 OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE DAY OF 2008.
( SEAL )
By �
Ken Boilers, President
ATTEST
—f
By Amidv,_ _ .�
Rodney : mgartner, :'-cretary
Appendix 3 to Loan Contract C150252