C150374 Paid in Full Documents

• Contract/PO #: C150374
• Contractor Name: Boulder and Larimer County Irrigating and Manufacturing Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF BOULDER AND LARIMER COUNTY IRRIGATING AND MANUFACTURING DITCH COMPANY
The Board of Directors of the Boulder and Larimer County Irrigating and Manufacturing Ditch Company
(Company), at a meeting held October 12, 2013, at Guaranty Bank and Trust Company, Berthoud,
Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water
Conservation Board (CWCB), for the purpose of the Irrigation System Improvements Project in the amount of
$202,000 or such actual amount, more or less, as may be needed by the Company and available from the
CWCB including the CWCB loan origination fee of 1% of the loan amount.
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 enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in
the amount of $202,000 or such actual amount, more or less, as needed to finance the project costs,
including the CWCB loan origination fee of 1%, 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 PROMISSORY NOTE and to make annual deposits to a debt
service reserve fund, and
5. to pledge, as COLLATERAL, for the loan the Company's, assessment revenues backed by a rate covenant and
an undivided one hundred percent (100%) interest in the BOULDER AND LARIMER DIVERSION STRUCTURE, and
6. to execute all documents as required by THE LOAN CONTRACT, including, but not limited to, a PROMISSORY
NOTE, SECURITY AGREEMENT, and 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
is
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THATTHE FOREGOING ARE
TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF TFC-COMPANY'S BOARD OF
DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, ANDTHAT SAID
RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. —
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 18TH DAY OF OCTOBER 2©13;-
(SEAL) , �
Signature
ATTEST:
nn NAME: Howard Buehler
By ( -,,. TITLE: President
Signature oti-Corpo e Secretary DATE: /�% —77— /3
DATE: v l — C
Appendix 3b to Loan Contract C150374
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