CT2019-3463 Contract

• Contract/PO #: CT2019-3463
• Contractor Name: Left Hand Ditch Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4, RESOLUTIONS
Resolutions of the Shareholders of the Left Hand Ditch Company
The Shareholders of the Left Hand Ditch Company, ("Company") at a Shareholders' meeting held on .._ ?-_.__, 2019, at
/jj�✓__ 6/�rs►£o orado,adopted the following resolutions concerning a secured loan hum the State of Colorado Water C nservation
Board(CWCB),for the purpose of the Allen's Lake Filler Canal Improvements(Project),in an amount not to exceed 5671,650.00 which includes
the CWCB Origination Fee of one percent(1°'0)of the Base Loan Amount.
At said meeting,the SHAREHOLDERS charged that these resolutions arc irrepealable during the germ of 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 this Contract with the Colorado Water Conservation Board fora loan in an amount not to exceed
S671,650.00,as needed to finance the Project costs,including the CWCB Origination Fee of one percent(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 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 service reserve fund,and
5. to pledge(i)an irrevocable(but not exclusive)pledge to the CWCB of the pledged revenues in such amount as is necessary to make each
annual payment due under this Loan Contract.(ii)an assessment covenant;(lit)annual financial reporting,and(iv)the Pipeline, for the
loan,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.
CERTIFICATION
The undersigned,respectively,the President and Secretary of the Company,hereby certify that the foregoing are true and correct copies
of resolutions duly adopted at a meeting of the Company's shareholders duly called and held as above recited,pursuant to the Company's
bylaws,and that said resolutions have not been arnencinded.
Given under our hands and the seal of due Company th day of lid 2019.
By. ._ 41& —de
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Date: "t Notary Public-State of Colorado
Notary ID 20134031374
My Commission Expires May 16,2021 „
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Contract Number.CT2019-3463
Appendix 4