C150360 Amend 1

• Contract/PO #: C150360 CT2015-141
• Contractor Name: East Mesa Water Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF EAST MESA WATER COMPANY
The Board of Directors of the East Mesa Water Company (Company), at a meeting held 2015, at
, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water
Conservation Board (CWCB), for the purpose of the installation of the Ditch Piping Project in the amount of $555,500 or
such actual amount, more or less, as may be needed by the Company and available from the CWCB including the CWCB
loan origination fee of 1% of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and,
pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount
of $555,500, or such actual amount, more or less, as needed to finance the project costs, including the CWCB loan
origination fee of 1%, 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 Company'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 COMPANY revenues, and
4. 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 Company's assessment revenues backed by a rate covenant and an
undivided one hundred percent (100%) interest in the PROJECT which includes up to 1,450 feet of installed pipeline and
associated access rights, as more particularly described in the attached DEED OF TRUST, and
6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY NOTE, SECURITY
AGREEMENT, and DEED OF TRUST necessary to convey a security interest in said property 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 PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND
CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND
HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR
RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ' AY OF l ea - 20K -
(SEAL)
By
Signature
ATTEST:
NAME:flf^r*�JtL �4 #4I
By TITLE: f A- r
tignatur& of Corpora ecretary DATE: I' i • I S—
DATE:
Appendix 3b to Loan Contract C150360
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