CT2019-3463 Contract

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

Resolutions of the Board of Directors of the Left Hand Ditch Company
The Board of Directors of the Left 1-land Ditch Company, ("Company""), at a meeting bald //2 ]_, 2018, at
fit//WDt .Colorado,adopted the following resolutions concerning a secured loan ham the State of Colorado Water Conservation
Board(CWCB),for the purpose of the Allen's Lake Filler Canal tmpmvematts(Project),in an amount not to exceed$671,650.00 which includes
the CWCB Origination Fee of one percent(140)oldie Base Loan Amount.
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,RESOLVED as follows.
1. to enter into and comply with the terms of this Contract with the Colorado Water Conser ation Board fora loan in an amount not to exceed
$671,650.00,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(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(i)an irrevocable(but not exclusive)pledge to the Ct'4'CB of the pledged revenues in such amount as is necessary to make each
annual payment due under this Loan Contract,(ii)an assessment covenant;(iii)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,the President and the Corporate Secretary 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,
and that said resolutions have not been amended or rescan
Given under our hands and the seal of the Company the, day ofNA..V t-V 1 2019.
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Signature Title. r e>'
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Date: .04 ! HEIDI L LUCARELLI i
1 Notary Public-State of Colorado i
Notary ID 20134031374 I
My Commission Expires May 16,2021 1
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Contract Number C12019-3463
Appendix 4