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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF OLIGARCHY IRRIGATION COMPANY A uIr 0..v <br /> i em:2nio,.j- he Shareholders of Oligarchy Irrigation Company (Company), at a Shareholders'meeting held , 2016, located <br /> at , Colorado, approved a modification to a loan from the Colorado Water Conservation Board (CWCB), authorizing the <br /> form and execution of a loan contract amendment and the appendices thereto; pledging certain funds as security for the <br /> repayment of amounts specified in the Loan Contract Amendment No.1. <br /> At said meeting,the Shareholders charged that these resolutions are irrepealable during the term of the loan and, <br /> pursuant to the Company's bylaws,authorized the Board of Directors and officers, RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract No. CT2o16-1597 with the Colorado Water Conservation Board, increasing the <br /> loan contract amount from$781,740.00 to$901,930.00,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due and to pledge <br /> assessment revenues and the Company's right to receive 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,and <br /> 4. to make the annual payments required by the AMENDMENT TO PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund,and <br /> 5. to pledge the annual shareholders assessments for debt service and the property of the Company described as <br /> COLLATERAL for the loan,and <br /> 6. to execute all documents as required, including the Loan Contract Amendment No. I 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 /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the <br /> loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,RESPECTIVELY,THE PRESIDENT AND SECRETARY OF THE COMPANY,HEREBY CERTIFY THAT THE FOREGOING ARE TRUE <br /> AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS <br /> ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 THEM D Y OF iqU C> U / 2016. <br /> (SEAL) <br /> By <br /> Si'_ a ure <br /> ATTEST: 10 <br /> ` �1 (-OA <br /> Name: w ` L",` f 1 <br /> 4k <br /> ByTitle: 6 L���d4A+ <br /> Signat of Corporate Secretary j <br /> Date: `I �(G <br /> Date: 12 • 1.(so <br /> Appendix E <br /> Page 2 of 2 <br />