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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF CHILCOTT DITCH COMPANY <br /> The Shareholders of the Chilcott Ditch Company (Company) at a Shareholders' meeting held <br /> November 2"d, at 1:00 p.m. in the City of Fountain, Colorado, adopted the following resolutions concerning a <br /> secured loan from either the Colorado Water Resources and Power Development Authority or the State of <br /> Colorado Water Conservation Board (CWCB) ("Lender"),for the purpose of replacement of the Jimmy Camp <br /> Creek Siphon (Project), in an amount not to exceed $580,750 which may include a loan origination fee of 1% <br /> of the loan amount. <br /> At said meeting, the Shareholders charged that these resolutions are irrepealable during the term <br /> of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, <br /> RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the Lender for a loan in an amount not to <br /> exceed$580,750, as needed to finance the project costs,which may include a loan origination fee of 1 <br /> and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br /> due under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive <br /> 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, <br /> and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund, and <br /> 5. to pledge the shareholder assessments and personal property acquired by the use of the loan (i.e. the <br /> siphon)for the loan, and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE,SECURITY AGREEMENT and DEED OF TRUST, necessary to convey a security interest in said property <br /> to the CWCB, and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate <br /> and implement the loan. . <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND TREASURER OF THE COMPANY, HEREBY CERTIFY THAT <br /> THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br /> BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UINDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2"' DAY OF NOVEMBER 2016. <br /> By: <br /> ` Signature <br /> ATTEST: "I <br /> NAME: James W.Taylor <br /> 4,0�� <br /> By: t <br /> I nature TITLE: President <br /> NAME:JESSIE J.SHAFFER DATE: 11-2-16 <br /> TITLE: TREASURER <br /> DATE: 11-2-16 <br /> Page 1 of 1 <br />