CT2019-2848 Contract

• Contract/PO #: CT2019-2848
• Contractor Name: Fruitland Irrigation Company
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

771
APPENDIX 4, RESOLUTIONS ! ��
Resolutions of the Shareholders of Fruitland Irrigation Company
The Shareholders of Fruitland Irigation Company, (Company) at a Shareholders' meeting held ) c_- I L, 0 1ff, 2018, at
Cif, W 11Y ,Colorado,adopted the following resolutions concerning a secured loan firom the State of Co oradoater Conservation
Board(CWCB),for the purpose of the Tunnel and Canal Renovation(Project),in an amount not to exceed$1,746,290.00 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
$1,746,290.00,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 assessment revenues backed by an assessment convenant for the loan,and an undivided 100%interest in the Onion Valley
Dam(aka Gould Reservoir),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,respectively,the President and Secretary of the Company,hereby certify that the foregoing are true and correct copies
of resolutions duly adopted at a meeting of the Company's shareholders duly called and held as above recited,pursuant to the Company's
bylaws,and that saj.d resolution'have not been amended or rescinded. R
Given under our hands and the seal of the Company the ) day of N01/U Q 2018.
(SEAL) B : all U 024-44`
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Signature
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Appendix 4
Contract Number:CT2019-2848