CT2019-2099 Contract

• Contract/PO #: CT2019-2099
• Contractor Name: Ogilvy Irrigating and Land Company
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4, RESOLUTIONS
Resolutions of the Shareholders of 0•il Irriaatin• and Land Co Ian
The Shareholders of Ogilvy Irrigating and Land Company (Company) at a Share olders' meeting held on
.\ tr(. 2 / ,2018,ate '- lorado,adopted the foll wing resolutions concemin_a secured loan from the State
of Color o Water Conservation Board(CWCB),for e urpose of the Seeley Reservoir Dredging(Project,in an amount not to exceed
$2,274,520.00 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 o 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 lo. in an amount not to exceed
$2,274,520.00,as needed to fmance 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 d e 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 servicereserve 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 r porting and(iv)an undivided
one hundred percent(100%)interest in Seeley Dam,and
6. to execute all documents as required by the Contract,including,but not limited to,a Promissory Note,Sec 'ty 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 impl;ment the loan.
vlGt lltFICA N py( v.I
The undersigned,respectively,the President and Seer rybf e�Com any,hereby certify that the foregoing. e true and correct copies
of resolutions duly adopted at a meeting of the Company's shareholders duly called and held as above recited, .ursuant 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 ..daydof e . r. 2018.
(SEAL) /
By: • dA _ JA ._.4 /._ �:-,
Signature
ATTEST: e.j�EA
Name: /A-)
.ry
By:
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/ 'gnature Title:
Name:,fCU €? a!`�� Date: Gy- I
Title: ,Y ' e
Date: c7--- / — /
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Contract Number:CT2019-2099
Appendix 4