C153797 Paid in Full Loan Compliance Confirmation

• Contract/PO #: C153797
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION of the BOARD OF DIRECTORS
of the EXCELSIOR IRRIGATING COMPANY
Concerning a loan in amount of $100,000 from the State of Colorado Water Conservation
Board (STATE), for the purpose of rehabilitating the diversion structure, the following
resolutions were adopted by the Board of Directors of the Excelsior Irrigating Company
(COMPANY), at their meeting held /14/44/1 �}J s , 1997, at Pueblo, Colorado. The Board
of Directors hereby charges that these resolutions be irrepealable during the life of the loan
and hereby authorizes the President and Secretary as follows:
1. RESOLVED, to enter into a loan contract with the Colorado Water Conservation Board for a
loan in the amount of$100,000, and to comply with all the terms of the loan contract, and
2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the annual
loan payment and the deposit to the reserve debt service fund due under the loan contract,
and
3. RESOLVED, to place assessment revenues pledged to make annual loan payments and to
make annual deposits to the reserve debt service fund in a special account separate and
apart from other COMPANY revenues, and
4. RESOLVED, to make annual payments and to make annual deposits to a debt service
reserve fund in accordance with the loan contract, and
5. RESOLVED, to execute the promissory note as requip. .w i ht' of the loan contract,
and
;�A.
6. RESOLVED, to execute the deed of trust, security 4;,.- d a iti al assignment of
contract proceeds as security required by the State '4cor$ w h h9 art/contract, and
7. RESOLVED, to execute the security agreement to secure the revenues pledged to repay the
loan.
Adopted this ) day of March 1997.
The Excelsior Irrigating Company
By C. l" G ,
C. R. Evans, President
ATTEST:
C
By 'tu& c
Erin Evans, Secretary
Appendix A to Loan Contract #C153748