C153797 Paid in Full Loan Compliance Confirmation

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

• I
RESOLUTION of the SHAREHOLDERS
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 rehabilitation of the diversion structure, the following resolutions were
adopted by the Shareholders of the Excelsior Irrigating Company (COMPANY), at a Shareholders'
meeting held /9/46-ti a-I , 1997, at Pueblo, Colorado. The Shareholders hereby
charge that these resolutionsibe irrepealable during the life of the loan and hereby authorize the
Board of Directors 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, anl.
5. RESOLVED, to execute the promissory note as required :y fRe he loan
contract, and
6. RESOLVED, to execute the deed of trust, security' gr , o io al
assignment of contract proceeds as security required by the State in accordance with
the loan contract, and
7. RESOLVED, to execute the security agreement to secure the revenues pledged to
repay the loan.
Adopted this • I �� day of March 1997.
The Excelsior Irrigating Company
By C f
C. R. Evans, President
ATTEST:
C`
By Ccua., 6(4-LL-LA--91
Erin
_-LA--9-
Erin Evans, Secretary
Appendix A to Loan Contract #C153748