C150148 PIF

• Contract/PO #: C150148
• Contractor Name: The Ogilvy Irrigating and Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE OGILVY IRRIGATING AND LAND COMPANY
The Board of Directors of The Ogilvy Irrigating and Land Company (Company), a meeting held
, 2003, at , Colorado, adopted the
following resolutions concerning a secured loan from th6State of Colorado Water Conservation
Board (CWCB), for the purpose of rehabilitation of the Seely Lake Dam, in the amount of
$350,000 or such actual amount, more or less, as may be needed by the Company and
available from the CWCB, in addition to the CWCB's loan service fee in the amount 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 $350,000, or such actual amount, more or less, as
needed to finance the project costs, plus the CWCB's loan service fee of 1% of the loan
amount 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 rr ake ar nual deposits
to a debt service reserve fund, and •
5. to pledge as collateral the Company's Seely Lake and to execute a deed of trus lo'cortvey
a security interest to the CWCB in said property, andK{.. 4"
6. to execute all documents as required by the loan contract, including, but tilt Ir it d o, a
•
Security Agreement and a Promissory Note, and ..a
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COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.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 a"-� DAY OF dr2-€1-s 7 2003.
( SEAL ) -
By 4
Jack Holman, President
ATTEST:
.'
oyce-Amun son, Corporate Secretary
Appendix 3 to Loan Contract C150148