CT2019-2046 Contract

• Contract/PO #: CT2019-2046
• Contractor Name: San Luis Valley Canal Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4, RESOLUTIONS
Resolutions of the Shareholders of San Luis Valley Canal Company
The Shareholders of San Luis Valley Canal Company(Company)at a Shareholders'meeting held June 18
2018,at Mosca ,Colorado,adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board(CWCB),for the purpose of San Luis Valley Canal Headgate Construction(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 Shareholders charged that these resolutions are irrepealable during the term of the loan and,pursuant to the
Company's bylaws,authorized the Board of Directors and officers,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 l%,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 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 Headgate Structure,and
6. to execute all documents as required by the Contract,including,but not lim:?ed to,a Promissory Note,Security Agreement and Deed of
Trust,necessary to convey a security interest in said propertto the CWCB,.nd
7. to take such other actions and to execute such other docume its as may be necessary to consummate and implement the loan.
l.ERTIFICATION
The undersigned,respectively,the President and Secretary of vie Company,hereby certify that the foregoing are true and correct copies
of resolutions duly adopted at a meeting of the Company's sh: -eholders duly called and held as above recited,pursuant to the Company's
bylaws,and that said resolutions have not been amended or rk icinded.
Given under our hands and the seal of the Company the 10 , ay of July 2018.
(SEAL)
By:
Signature
ATTEST:
Name: Terry Chiles
By: bek-ra--
Signature
Title: President
Name: Lyla Davis Date. July 10, 2018
Title: Secretary
Date: July 10, 2018
Page 1 of2
Contract Number:CT2019-2046