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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF THE DUKE DITCH COMPANY <br /> The Board of Directors of The Duke Ditch Company(Company), at a meeting heldFti11, 2016, at <br /> /jl c�r(- /<'ss , Colorado, adopted the following resolutions concerning a secured loan from the State of <br /> Colorado Water Conservation Board (CWCB), for the purpose of the Piping the Duke Ditch Project(Project), <br /> to replace the unlined ditch with polyvinyl chloride (PVC) pipe in an amount not to exceed $90,900.00 which <br /> includes the CWCB loan origination fee of 1%of the loan amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the <br /> loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, <br /> RESOLVED 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 $90,900.00, as needed to finance the project costs, including the CWCB <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 <br /> said 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, <br /> 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 the Duke Ditch pipeline for the loan, 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 a DEED OF TRUST, and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate <br /> and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING <br /> ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF <br /> DIRECTORS 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 RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 6 I DAY OF V (,L ✓L 201 ki <br /> (S E A L) <br /> Signature <br /> ATTEST: <br /> NAME: o5--c-11 / 0 !J <br /> L <br /> By: - <br /> Si nature TITLE: O . /r e rt. , <br /> NAME:r>0 1 � Jr '/e XR"55 DATE: 6/61 / (Q <br /> p <br /> TITLE: p� J <br /> DATE: g/a 1/i <br /> Appendix 4b <br /> Page 1 of 1 <br />