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RESOLUTION OF THE STOCKHOLDERS <br /> OF THE WESTERN MUTUAL DITCH COMPANY <br /> The Stockholders of the Western Mutual Ditch Company (Company), at a Stockholder's meeting held July 16, <br /> 1998 at Gilcrest, Colorado adopted the following resolutions concerning a loan in the amount of up to <br /> $100,000.00 from the State of Colorado Water Conservation Board (State), for the purpose of rehabilitating <br /> the Company's check dam on the South Platte River. <br /> At said meeting, the Stockholders charged that these resolutions are irrepealable during the term of the loan <br /> and pursuant to the Company's bylaws, authorized the Board of Directors and officers as follows: <br /> 1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br /> Conservation Board for a loan in the amount of$100,000.00, and <br /> 2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient to pay <br /> the annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br /> Company's right to receive said revenues for repayment of the loan, and <br /> 3. RESOLVED, to place said revenues in a special account separate and apart from other Company <br /> revenues, and <br /> 4. RESOLVED, to make annual payments required by the promissory note and to make annual deposits <br /> to a debt service reserve fund, and <br /> 5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to serve as <br /> collateral and to execute an Assignment of Certificate of Deposit, and <br /> 6. RESOLVED, to execute all documents as required by the loan contrE;,i 'IDnOti rit i a to, <br /> a Security Agreement, Assignment of Deposit Account as Security, and a Promissory Nome, <br /> 7. RESOLVED, to take such other actions and to execute such other documents as may be necessary <br /> to consummate and implement the loan. <br /> CERTIFICATION <br /> The undersigned, respectively, the President and Secretary of the Company, hereby certify that the foregoing <br /> are true and correct copies of resolutions duly adopted at a meeting of the Company's shareholders duly <br /> called and held as above recited, pursuant to the Company's bylaws, and that said resolutions have not been <br /> amended or rescinded. <br /> Given under our hands and the seal of the Company the 16`h day of July, 1998. <br /> WESTERN MUTUAL DITCH C• ' •NY <br /> By Vizzift&k.(6) 0 <br /> ATTEST: Frank Eckhardt, Jr., President <br /> (Seal) <br /> By ILO 19 116-MA PCILD hr. <br /> Corporate Secretary <br /> F:\KIM\WESTERN.MUT\RESO1 <br /> Appendix 1(a) to Loan Contract C153857 <br />