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CT2017-914 Contract
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CT2017-914 Contract
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Last modified
8/4/2016 8:00:46 AM
Creation date
8/4/2016 8:00:21 AM
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Loan Projects
Contract/PO #
CT2017-914
Contractor Name
Dixon Canon Ditch and Reservoir Company
Contract Type
Loan
County
Larimer
Loan Projects - Doc Type
Contract Documents
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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF DIXON CANON DITCH AND RESERVOIR COMPANY <br /> The Shareholders of Dixon Canon Ditch and Reservoir Company,(Company)at a Shareholders'meeting <br /> held 11 Maul, 2016, at +-CJ $Colorado, adopted the following resolutions concerning a secured loan from <br /> the State o Colorado Water Conservation Board (CWCB), for the purpose of the Dixon Reservoir Dam <br /> Improvements (Project), in an amount not to exceed $28o,881.00 which includes the CWCB LOAN ORIGINATION <br /> FEE of 1%of the BASE LOAN AMOUNT. <br /> At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of <br /> the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, RESOLVED <br /> as follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a <br /> loan in an amount not to exceed $280.881.00, as needed to finance the project costs, including the CWCB <br /> LOAN ORIGINATION FEE of i%,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 said <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 debt <br /> service reserve fund,and <br /> 5. to pledge as COLLATERAL, for the LOAN, the Company's, assessment revenues backed by an assessment <br /> covenant and an undivided one hundred percent(i00%)interest in the Dixon Reservoir Dam,and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE, SECURITY AGREEMENT and DEED OF TRUST, necessary to convey a security interest in said property to <br /> the CWCB,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br /> SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE L/�,a DAY OF j V i, 2016. <br /> (SEAL) . <br /> BY: . <br /> ature <br /> ATTEST: 71 <br /> NAME: Ind Cf 6 1,i4) /:a --6:5 <br /> BY: ` . <br /> Sign TITLE: Pry-+Ct 4"" <br /> NAME?: DATE: OG/D a ) !c, <br /> Pralclenk <br /> DATE:n J Uint,t0116 <br /> Appendix 4a <br /> Page i of i <br />
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