C153857 PIF

• Contract/PO #: C153857
• Contractor Name: Western Mutual Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE WESTERN MUTUAL DITCH COMPANY
The Board of Directors of the Western Mutual Ditch Company (Company), at a meeting held
uC OSt 1 1 , 1998, at 1.._(1a I IP_ , Colorado, adopted the
followtig resolutions concerning a loan in the amount of up to $100,000, not to exceed 75%
of actual construction costs, from the State of Colorado Water Conservation Board (CWCB),
for the purpose of rehabilitating the Company's check structure on the South Platte River.
At said meeting, the Board charged that these resolutions are irrepealable during the term of
the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary as follows.
1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for a loan in the amount of up to $100,000, and
2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient
to pay the annual amounts due under the Loan Contract, and to pledge assessment
revenues and the Company's right to receive said revenues for repayment of the loan, and
3. RESOLVED, to place said pledged revenues in a special account separate and apart from
other COMPANY revenues, and •
4. RESOLVED, to make the annual payments required by the promissory note and to make
annual deposits to a debt service reserve fund, and PA
IN
FULL
5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to
serve as collateral and to execute an Assignment of Certificate of Deposit, and
6. RESOLVED, to execute all documents as required by the loan contract, including, but not
limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a
Promissory Note, and
7. RESOLVED, to take such other actions and to execute such other documents as may be
necessary to consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT
THE FOREGOING ARE 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BYLAWS, ANb THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ( �' DAY OF 14 a(j Lt.S!1
, 1998.
( SEAL ) ByWzeV
Frank Eckhardt, Jr., President
ATTEST:
By')L£ 3/)( \ C 0/710 I--td (-
Corporate
Corporate Secretary
Appendix 1(b) to Loan Contract C153857