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APPENDIX 4,RESOLUTION OF THE BOARD OF DIRECTORS <br /> OF THE TUNNEL WATER COMPANY <br /> The Board of Directors of The Tunnel Water Company (Company) adopted the following <br /> resolutions concerning a secured loan from the State of Colorado Water Conservation Board <br /> (CWCB), for the purpose of rehabilitating the west half of the Laramie-Poudre Tunnel in the <br /> amount of$9,090,000.00 or such actual amount, more or less, as may be needed by the Company <br /> and available from the CWCB including the CWCB loan origination fee of 1% of the loan amount. <br /> The Board charged that these resolutions are irrepealable during the term of the loan and, <br /> pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED <br /> as follows. <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br /> Board for a loan in the amount of$9,090,000.00 or such actual amount, more or less, as needed <br /> to finance the project costs, including the CWCB loan origination fee of 1%,and <br /> 2. if collected revenues are insufficient to service annual payments due under the loan, to levy and <br /> collect assessments from the shareholders in an amount sufficient to pay the annual amounts due <br /> under the Loan Contract, and to pledge said assessment revenues and the Company's right to <br /> receive said revenues in an amount sufficient to service the loan as described in the Loan Contract <br /> and Security Agreement, and <br /> 3. to place said pledged assessment revenues in an account where those funds can be accounted for <br /> separately from other Company revenues, and <br /> 4. to make the annual payments required by the promissory note, and <br /> 5. to execute all documents as required by the loan contract, including,but not limited to, a Security <br /> Agreement and a Promissory Note, and <br /> 6. to take such other actions and to execute such other documents as may be necessary to <br /> consummate and implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED PURSUANT TO THE <br /> COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 01/4'DAY OF W1 'RC Int 2019. <br /> (SEAL) <br /> By <br /> eith Amen, resident <br /> ATTEST: ,p <br /> By 4.10314,0AJ/F <br /> Heather Thiede, Secretary <br /> Contract Number: CT2019-3706 <br /> Appendix 4 <br />