CT2017-2253 Contract

• Contract/PO #: CT2017-2253
• Contractor Name: Larimer and Weld Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
• OF LARIMER&WELD IRRIGATION COMPANY
The Shareholders of Larimer & Weld Irrigation Company (Company) at a Shareholders meeting held December
3, 2016 at Eaton, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water
Conservation Board (CWCB) for the purpose of the Headgate Structure Replacement (Project), in an amount not to
exceed $1,000,000.00 which includes the CWCB Loan Origination Fee of 1% of the Base Loan Amount. The Loan
Contract Number is CT2017-2253.
At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of the loan and,
pursuant to the Company's bylaws, authorized the Board of Directors and Officers, 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
an amount not to exceed $1,000,000.00 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 annually place an amount sufficient to pay the annual payment in a special account separate and apart from
other Company accounts, 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 an assessment covenant and an
undivided one hundred percent(100%)interest in the Headgate 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
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 Shareholders duly called and held as above recited, pursuant to
the Company's Bylaws, and that said Resolutions have not been amended or rescinded.
Given under our hands and the seal of the Compa. is 3rd dayAilfrDecember, 2016.
(SEAL) BY:
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ATTEST:
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Appendix 4a