CT2017-2878 Contract

• Contract/PO #: CT2017-2878
• Contractor Name: Orchard Mesa Irrigation
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTION OF
ORCHARD MESA IRRIGATION DISTRICT
WHEREAS the Board of Directors of Orchard Mesa Irrigation District, (District),an irrigation district operating
under the Irrigation District Law of 1921,held a general election of the landowners in the District on January 12,
2017,in Palisade,Colorado. At such meeting,the landowners voted to authorize the District to enter into a
binding loan contract with the State of Colorado Water Conservation Board (CWCB),for the Grand Valley
Power Plant Rehabilitation("Project")in an amount not to exceed$1,700,000.00,at an interest rate not to exceed
2.0%with a term of 30 years("Loan Contract").The total loan amount,not to exceed$1,700,000.00,includes the
CWCB Loan Origination Fee of 1%of the Base Loan Amount.The Loan Contract Number is ct2017-2878.
WHEREAS at a regular meeting on March 2, 2017, the Board authorized the Board President and Board
Secretary to execute the Loan Contract on behalf of the District,and
RESOLVED that the District is authorized as follows:
i. 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$1,700,000.00,as needed to finance the project costs,including the CWCB
LOAN ORIGINATION FEE of i%,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 District'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 DISTRICT revenues,and
q. 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 District's, assessment revenues backed by an assessment
covenant and evidenced by an annual financial reporting,and
6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY
NOTE and SECURITY AGREEMENT,necessary to convey a security interest in said 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 BOARD PRESIDENT AND THE BOARD SECRETARY HEREBY CERTIFY THAT THE FOREGOING IS A
TRUE AND CORRECT STATEMENT OF THE VOTE OF LANDOWNERS ON JANUARY 12,2017,AND A TRUE AND CORRECT COPY
OF THE RESOLUTION DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD
AS ABOVE RECITED,PURSUANT TO THE DISTRICT'S BYLAWS,AND THAT SAID RESOLUTION HAS NOT BEEN AMENDED OR
RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE 2ND DAY OF MARCH,2017.
(SEAL)
Signature
ATTEST: �� �
NAME:16rllc@ Io/d—/# DATE: Z 7
BY:
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TITLE:
DATE:
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Appendix 4
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