Laserfiche WebLink
RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF CHILCOTT DITCH COMPANY <br /> The Board of Directors of Chilcott Ditch Company (Company), at a meeting held November 2nd, <br /> at1:00 p.m. in the City of Fountain, Colorado, adopted the following resolutions concerning a secured loan <br /> from either the Colorado Water Resources and Power Development Authority or the State of Colorado <br /> Water Conservation Board (CWCB) ("Lender"), for the purpose of replacement of the Jimmy Camp Creek <br /> Siphon (Project), in an amount not to exceed$580,750 which may include a loan origination fee of 1% of the <br /> loan amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the <br /> loan and, pursuant to the Company's bylaws, authorized the President and Corporate Treasurer, <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 a DEED OF TRUST, 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,THE PRESIDENT AND THE CORPORATE TREASURER HEREBY CERTIFY THAT THE FOREGOING <br /> ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF <br /> DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2N0 DAY OF NOVEMBER 2016. <br /> (S E A u <br /> By: F <br /> Signature <br /> ATTEFNAME: James W.Taylor <br /> By: <br /> gnature 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 /> Appr,pb y. 46 <br />