CT2019-2034 Contract

• Contractor Name: Florida Consolidated Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4, RESOLUTIONS
Resolutions of the Shareholders of the Florida Consolidated Ditch Com pane
The Shareholders of the Florida Consolidated Ditch Company,("Company")at a Shareholders'meetin held on v/L3 ,2019,
at(t W ,Colorado,adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation
Board(CWor the purpose of the Hess Lateral Improvement(Project), in an amount not to exceed$1,0 5,750.00 which includes the
CWCB Origination Fee of one percent(1%)of the Base Loan Amount.
At said meeting,the SHAREHOLDERS charged that these resolutions are irrepealable during the term 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 for a loan in an amount not to exceed
$1,085,750.00,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 amounn as is necessary to make each
annual payment due under this Loan Contract,(ii)an assessment covenant;(iii)annual financial reporting,and(iv)the Inlet Pond,Hess
Lateral Pipeline,and Turnouts,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 rim true and correct copies
of resolutions duly adopted at a meeting of the Company's shareholders duly called an held as above recited}pursuant to the Company's
bylaws,and that said resolutions have not been amended or rescinded.
Given under our hands and the seal of the Company the/ 3day of 6?2 C 2019.
Bq: '�l I& v
Signature
ATTEST: ! - a
Name: e
By: C----',....,..._Qtui9,A,s-......._......SignaTitle: Ala cj' / /
Name rVL .."`)C52/11SG.---. Date: 5—/3--( '
Title: J t•� 01.,.e- c01.,.vt /
�
Date: —/3 ./ 7
Page 1 of 2
Contract Number:CT2019-2034
Appendix 4