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CT2017-1209 Contract Amend 1
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CT2017-1209 Contract Amend 1
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Last modified
8/5/2016 9:13:40 AM
Creation date
8/5/2016 9:13:35 AM
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Loan Projects
Contract/PO #
CT2017-1209
C150159
Contractor Name
Orphan Wells of Wiggins, LLC
Contract Type
Loan
County
Morgan
Loan Projects - Doc Type
Contract Documents
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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF ORPHAN WELLS OF WIGGINS <br /> The Board of Directors of Orphan Wells of Wiggins (Company),at a meeting held on February u, 2016,at Long <br /> Meadow Game Resort and Event Center Colorado,approved a modification to a loan from the Colorado Water Conservation <br /> Board(CWCB),authorizing the form and execution of a loan contract amendment and the appendices thereto;pledging certain <br /> funds as security for the repayment of amounts specified in the Loan Contract Amendment No. 1 to CWCB Loan Contract No. <br /> CT2017-12o9. <br /> At said meeting. the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the <br /> Company's bylaws,authorized the President and Corporate Secretary, RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract No.CT2o1.7-12o9 (Ci50159),with the Colorado Water Conservation Board,to reduce <br /> IDC, decrease the total loan amount to $615,220.28 for a term of 22 years and change loan security to include the Project <br /> components, including approximately five miles of pipe, pumps and wells in addition to the original pledge of assessment <br /> revenues backed by an assessment covenant,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the LOAN <br /> CON-TRACT,and to pledge assessment revenues and the Company's right to receive said revenues for repayment of the loan, <br /> 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 AMENDMENT TO PROMISSORY NOTE and to make annual deposits to a debt service <br /> reserve fund,and <br /> 5. to execute all documents as required, including the Loan Contract Amendment No. 1 and all Amendment Appendices, <br /> including but not limited to, the Amended Promissory Note, Amended Security Agreement, and Amended Deed of Trust <br /> necessary to convey a security interest in said property to the CWCB,and <br /> 6. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT <br /> COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE <br /> RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE a3 DAYOFCJ(.L_) 2016. <br /> (S E A L) ! /AC^/ <br /> SIGNATURE <br /> ATTEST: <br /> NAME: 517 v- rt)1-1-2/' <br /> TITLE: er-e s1O <br /> SIGNATURE/TITLE j� -2-5/i 2 /� <br /> DATE: v /!/ <br /> TITLE: it CA <br /> • <br /> DATE: w c,Y <br /> Appendix D <br /> Page l of <br />
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