CT2016-1597 Amend 1

• Contract/PO #: CT2016-1597
• Contractor Name: Oligarchy Irrigating Company
• Contract Type: Loan
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF OLIGARCHY IRRIGATION COMPANY
vs? J, LAW 6mo��
The Board of Directors of Oligarchy Irrigation Company (Company), at a meeting held , 2016, at , Colorado,
approved a modification to a loan from the Colorado Water Conservation Board(CWCB),authorizing the form and execution of
a loan contract amendment and the appendices thereto; pledging certain funds as security for the repayment of amounts
specified in the Loan Contract Amendment No.1.
At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and,pursuant to the
Company's bylaws,authorized the President and Corporate Secretary, RESOLVED as follows:
1. to modify the terms of the Loan Contract No.CT2o16-1597 with the Colorado Water Conservation Board,increasing the loan
contract amount from$781,740.00 to$901,930.00,and
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 Company'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 COMPANY revenues,and
4. to make the annual payments required by the AMENDMENT TO PROMISSORY NOTE and to make annual deposits to a debt
service reserve fund,and
5. to pledge the annual shareholders assessments for debt service and the property of the Company described as
COLLATERAL for the loan,and
6. to execute all documents as required, including the Loan Contract Amendment No. I and all Amendment Appendices,
including but not limited to, the Amended Promissory Note, Amended Security Agreement, and Amended Deed of Trust
necessary to convey a security interest in said property to the CWCB,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 CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT
COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE
RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAIDRESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE /at DAY OF A J6v5t2016.
(S E A L)
By (71,1 .
Signature
ATTEST: b_bazart16.‘
' NAME:
By TITLE: PQS cie
Signat. : of Corporate Secretary Z j�1
DATE: 1I
DATE:
Appendix E
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