C150168 PIF

• Contract/PO #: C150168
• Contractor Name: The Fulton Irrigating Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE FULTON IRRIGATING DITCH COMPANY
The Board of Directors of The Fulton Irrigating Ditch Company (Company), a meeting held April
9, 2004, at Brighton, Colorado, adopted the following resolutions concerning a secured loan from the
State of Colorado Water Conservation Board (CWCB), for the purpose of rehabilitation of the Company's
South Platte River diversion structure in the amount of$171,700 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 $171,700, or such actual amount, more or less, as needed
to finance the project costs, including the CWCB loan origination fee of 1%, and
2. to levy and collect assessments from the shareholders in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other COMPANY
revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and
5. to pledge the diversion structure as collateral for the loan and execute all documents,
including a deed of trust, necessary to convey a security intere •• s id •r..erty to the
CWCB,
Al
6. to execute all documents as required by the loan contract, inclu. •;$b. +► ed to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other docurr a is r e ssr to
consummate and implement the loan, and .
8. that the Board had the authority, conveyed by the stockholders at Fulton's Annual Meeting
Held January 26, 2004 to enter into and execute to above-referenced agreements and
documents.
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 Z IDAY OF 2004.
(SEAL )
By
Cecil W. King, Preside 1
ATTEST:-
B
Brice Steele, Corporate Secretary
Appendix 3 to Loan Contract C150168