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

Resolutions of the Board of Directors of Ogilvy Irrigating and Land Company
The Boa�d of Directors of Ogilvy Irrigating and Land Company(Company),at a meeting held on te, 1 I 2018,at
Z7zla2S G,eS'8"Boar
, Colorado, adopted the following resolutions concerning a secured loan from the Sta of Colorado Water
Conservation Board(CWCB),for the purpose 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 Board charged that these resolutions are irrepea'able during the term of the loan and,pursuant to the
Company's bylaws,authorized the President and Corporate Secretary,RESOLVES 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
$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 due under the Contract,and to
pledge assessment revenues and the Company's right to receive said revenues frepayment of the loan,and
3. to place said pledged revenues in a special account separate and apart from otheicompany(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(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 Seeley Dam,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.
nn C T1FICAT0 iii vj
The undersigned,the President and the Corporate`S�ecrertarry ier sdory ceeritity that t o foregoingfoare 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 rescind.
Given under our hands and the seal of the Company the /f day of �p}� 3 ea f• Y i �t 2018.
(SEAL) itc9y-co --< / > a t-4i-1
By: �J`l_ v"
Signature
AlEST:
Name: PAN/I LQ G (NA'e-k E>2.
By: i 7 ,
�® �
ignature Title: �,,�,Q/,j,j�
Name: , , 74*. dx.,k,-0P--K< Date: /— I K
Title: .V,
Date: g / — 1
Page 2 of 2
Contract Number:CT2019-2099
Appendix 4