C150333 PIF

• Contract/PO #: C150333
• Contractor Name: Montezuma Valley Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE MONTEZUMA VALLEY IRRIGATION COMPANY
The Board of Directors of the Montezuma Valley Irrigation Company (Company), at a
meeting held June 12, 2012 at Cortez, Colorado, adopted the following resolutions concerning a
secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
constructing the Lone Pine and May Pipeline Improvements Project in the amount of$338,603 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$338,603, 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 May Pipeline as collateral for the loan and : • t: :II ••cuments, including a deed
of trust, necessary to convey a security interest in said p.' e i h:
6. to execute all documents as required by the loa contract, in • . o mited to, a Security
Agreement and a Promissory Note, and
7. to take such other actions and to execute r d may be necessary to
consummate and implement the loan.
CERTIFICATION ,
THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CE 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COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED R RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I +h DAY OF L( 2012.
( SEAL )
ByC i,ti%
Dandy Carver, President
ATTEST.
By
Rowdy Sukla,Secretary
Appendix 3 to Loan Contract C150333