CT2019-2241 Contract

• Contract/PO #: CT2019-2241
• Contractor Name: Missouri Heights Mountain Meadow Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4, RESOLUTION
Resolutions of the Board of Directors of Missouri Heights Mountain Meadow Irrigation
Company
/A TJp Board of Directors of Missouri Heights Mountain Meadow Irrigation Company (Company), at a meeting held
/1 (ire.'L_ c?/4,2018,at .-- elk ,Colorado,adopted the following resolutions concerning a secured loan from the
State of Colorado Water Conservation Board(CWCB), for the purpose of Ditch Piping Phase B (Project), in an amount not to exceed
$303,000.00 which includes the CWCB Origination Fee of 1%of the Base 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 an amount not to exceed
$303,000.00,as needed to finance the project costs,including the CWCB 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 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(or other type of entity)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(i)an irrevocable(but not exclusive)pledge to the CWCB of the assessment revenues in such amount as is necessary to make
each annual payment due under this Loan Contract,(ii)an assessment covenant;and(iii)annual financial reporting and(iv)an undivided
one hundred percent(100%)interest in the Pipeline,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,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 2C day of C`l./ 2018.
(SEAL) `J T
By: /
gnature
ATTEST: �— �_
Name: 7. /1( /Ors-74
By: ,:) ��,_/`/
Signature Title:
Name:J6l-(' . Date: 2 //,41
Title: La.')
Date: -71201 If:).
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Contract Number:CT2019-2241
Appendix 4