CT2018-1999 Contract

• Contract/PO #: CT2018-1999
• Contractor Name: Centenial Irrigating Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Resolutions of the Stockholders of the Centenial Irrigating Ditch Company
The Stockholders of the Centenial Irrigating Ditch Company,(Company)at the Annual Stockholders'meeting
held November 16,2017,at Glen Stillings'classroom,Alamosa,Colorado,adopted the following resolutions concerning
a secured loan from the State of Colorado Water Conservation Board(CWCB)for the purpose of Centenial Diversion
Replacement(Project),in an amount not to exceed$232,300.00,which includes the CWCB Origination Fee of 1%of the
Base Loan Amount.
At said annual meeting, the Stockholders adopted the following resolutions are made them irrepealable
during the term of the loan and,pursuant to the Company's bylaws,authorized the Board of Directors and officers as
follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a twenty year
loan in an amount not to exceed $232,300.00, as needed to finance the project costs, including the CWCB
Origination Fee of 1%,and
2. to levy and collect assessments from the Stockholders in an amount sufficient to pay the annual amounts due under
the Contract, and to pledge specific 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(or other type of entity)
revenues and assessments,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 the assessment revenues backed by an assessment covenant and the Project itself, consisting of the
diversion dam,for the loan,and
6. to execute all documents as required by the 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,respectively,the President and Secretary of the Company,hereby certify that the foregoing are
true and correct copies of resolutions duly adopted at a meeting of the Company's Stockholders 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 16 day of A/6✓E V)7 k7 er 2017.
(SEAL) Centenial Irrigating Ditch Company
ATTEST:
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Name: /14r l nn �7Li///Jr Name: v/(0218-5 1/ye/
Title:Secretary / Title:President
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