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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF THE UNION WELL AUGMENTATION GROUP,LTD. <br /> The Boardf. l i ectors of Union Well Augmentation Group, Ltd. (Company), at a meeting h-Id <br /> June 21, 2016, at /GQree ,CCyolorado, adopted the following resolutions concerning a secured loan from he <br /> State of Colorado Water Conservation Board (CWCB), for the purpose of Union Reservoir Water Rights <br /> Purchase(Project),in an amount not to exceed$248,157.00 which includes the CWCB LOAN ORIGINATION FEE of <br /> 1%of the BASE LOAN AMOUNT. <br /> At said meeting,the Board charged that these resolutions are irrepealable during the term of the 1 an <br /> and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as <br /> follows. <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board f r a <br /> loan in an amount not to exceed $248,157.00, as needed to finance the project costs, including the CB <br /> LOAN ORIGINATION FEE of 1%,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br /> due under the LOAN CONTRACT,and to pledge assessment revenues and the Company's right to receive s 'd <br /> revenues for repayment of the loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues,and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a d bt <br /> service reserve fund,and <br /> 5. to pledge the assessment revenues backed by an assessment covenant and the Union Reservoir Water Rig is <br /> for the loan,and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISS RY <br /> I <br /> NOTE,SECURITY AGREEMENT and a DEED OF TRUST,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate nd <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARETIt <br /> UE <br /> AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED ATA MEETING OF THE COMPANY'S BOARD OF DIRECTORS DU Y <br /> CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE <br /> NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE24 DAY OF June 2016. <br /> SEAL• ; I aggi-el_ <br /> ) BY: , ' <br /> c t r Signature <br /> ATTEST: <br /> y6'1-2-4- <br /> NAME: Gary Alles <br /> BY: cam"— -,---- •"'Z6e 1-2.e- <br /> Signature TITLE: President <br /> NAME: Donna L. Coble DATE: June 24, 2016 <br /> TITLE: Secretary <br /> DATE: June 24, 2016 <br /> Appendix 4b <br /> Page 1 of i <br />