C150333 PIF

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

MONTEZUMA VALLEY IRRIGATION COMPANY
RESOLUTIONS OF THE CORPORATE BOARD OF DIRECTORS
HERE FOLLOWS the Resolution adopted at the regularly scheduled meeting of
the Board of Directors of the Montezuma Valley Irrigation Company held on June 12, 2012.
RECITATIONS
Upon Motion duly made and seconded it was resolved that:
WHEREAS the Montezuma Valley Irrigation Company ("MVIC" or the
"Company") is required by Colorado statutory law, its Articles of Incorporation, and its By-Laws
to deliver water to its shareholders and maintain its water infrastructure in good condition;
WHEREAS the water delivery infrastructure owned and maintained by MVIC
requires constant maintenance, and periodic repair and modifications in order to efficiently and
effectively deliver water to its Shareholders, and MVIC is unable to fund said maintenance,
repairs, and modifications from its existing revenues;
WHEREAS the Colorado Water Conservation Board ("CWCB") provides low-
interest loans to agricultural, municipal, and commercial borrowers for the maintenance, repair,
and modifications of water infrastructure in Colorado;
WHEREAS MVIC previously received a loan from the CWCB pursuant to a Loan
Contract dated December 7, 2007 in the principle amo f o million, nine hundred fifty
thousand, twenty-seven dollars ($2,950,027.00) for the of e onstruction of the May
Lateral Pipeline Project, and the proceeds of this boa v, 11 u d and dispersed for
their designated purpose; and / '
WHEREAS MVIC desires to rec a uti .i` `tie ds from the CWCB
in the form of a second loan in the principle amount o T •r:. i ine Thousand Six
Hundred and Three Dollars ($339,603.00)to be used to maintain, -p r odify its water
delivery infrastructure.
RESOLUTION
BY MOTION, BE IT RESOLVED that the President of the Company, or his
successors in office, or any of them and the Secretary of the Company, or his successors in
office, or any of them be and are hereby is authorized for, on behalf of, and in the name of the
Company to:
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 Three Hundred Thirty Nine Thousand Six Hundred and
Three Dollars ($339,603.00), or such actual amount, more or less, as needed to finance the
MVIC-Gen Rep I
Resolution Re 2012 Loan from CWCB
March 27,2012
Appendix 3a to Loan Contract C150333
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