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CT2019-2848 Contract
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CT2019-2848 Contract
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Last modified
1/7/2019 7:40:56 AM
Creation date
1/7/2019 7:40:44 AM
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Loan Projects
Contract/PO #
CT2019-2848
Contractor Name
Fruitland Irrigation Company
Contract Type
Grant/Loan Combo
Loan Projects - Doc Type
Contract Documents
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COPY <br /> Resolutions of the Board of-Directors of Fruitland Irritation Company <br /> The Bo rd of Directors of Fruitland Irrigation Company, (Company), at a meeting held 2018, at <br /> t✓'W Fool , Colorado, adopted the following resolutions concerning a secured loan from t e S1tate of olorado Water <br /> Conservation Board(CWCB),for the purpose of Tunnel and Canal Renovation(Project),in an amount not to exceed$1,746,290.00 which <br /> includes the CWCB Origination Fee of 1%of the Base Loan Amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the <br /> Company's bylaws,authorized the President and Corporate Secretary,RESOLVED as follows. <br /> 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 <br /> $1,746,290.00,as needed to finance the project costs,including the CWCB Origination Fee of 1%,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the Contract,and to <br /> pledge assessment revenues and the Company's right to receive said revenues for repayment of the loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other Company revenues,and <br /> 4. to make the annual payments required by the Promissory Note and to make annual deposits to a debt service reserve fund,and <br /> 5. to pledge the assessment revenues backed by an assessment convenant for the loan,and an undivided 100%interest in the Onion Valley <br /> Dam(aka Gould Reservoir),and <br /> 6. to execute all documents as required by the Contract,including,but not limited to,a Promissory Note,Security Agreement and Deed of <br /> Trust,necessary to convey a security interest in said property to the CWCB,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. <br /> I !i CERTIFICATION <br /> The underslged the Presid,mt and the Corporate Secretary hereby certify that the foregoing are true and correct copies of resolutions <br /> duly adopte t ut meeting ;f the Company's Board of Directors duly called and held as above recited,pursuant to the Company's bylaws, <br /> and that said resolutions hay •not been amended or resciinlied. <br /> Given under our hands and th e seal of the Company the )) day of Ni)Novem,htfr. 2018. <br /> (SEAQ) <br /> By: bAltArnrP 6)4 <br /> ))��y� <br /> hJ <br /> Signature <br /> Al lEST: <br /> Name: 04)1/ P 10$0 <br /> '621 <br /> Signatur- Title: e'�' <br /> Name: ay/ m R/2ll Date: VI -1I 1D)O <br /> f <br /> Title: e, <br /> Date: / ,I� I e <br /> Page 2 of 2 <br /> Appendix 4 <br /> Contract Number:CT2019-2848 <br />
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