C150008 Feasibility Study

• Contract/PO #: C150008
• Contractor Name: Leroux Creek Water Users Association
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Feasibility Study

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JAN-07-99 THU 02:134 PM ROGERS MESA FRUI

970 872 2489

P~02

RESOLUTIONS OF THE STOCKHOLDERS
OF THE LEROUX CREEK WATER USERS' ASSOCIATION

The Stockholders ot the Leroux Creek Water Users' Association (Association), at its Stockholders'
meeting held December 14, 1998, at Hotchkiss, Colorado, adopted the following resolutions conceming
loan(s) from the State of Colorado Water Conservation Board (CWCB) from the State of Colorado Water
Conservation Board (State) for the purpose of rehabilitating the Carl Smith Reservoir Dam.

At said meeting, the Stockholders charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Association's bylaws, authorized the Board of Directors and officers as follows;

1. RESOLVED, to enter into and comply with the terms of the loan contracts with the Colorado Water
Conservation Beard for loans in the amount of up to $1,500,000, and

2, RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient to pay the
annual amounts due under each Loan Contract, and to pledge assessment revenues and the
Association's right to receive said revenues for repayment of each loan, and

3, RESOLVED, to place said pledged revenues in a special account separate and apart from other
Association revenues, and

4, RESOLVED, to make the annual payments required by the promissory notes and to make annual
deposits to a debt service reserve fund, and

5, RESOLVED, to pledge certain property of the Association as collateral for the loans and execute the
deeds of trust or other documents necessary to convey a security interest in said properties to the
CWeB, and

6. RESOLVED, to execute all documents as required by each 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 each loan.

CERTIFICATION

THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE ASSOCIATION, HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S
STOCKHOLDERS DULY CALLED AND HELD AS ABOVE RECIT~D, PURSUANT TO THE ASSOCIATION'S BYLAWS. AND THAT SAID
RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED,

GIVEN UNDER OUR HANDS AND THE SEAL OF THE AssOCIATION THE Is' DAY OF DECEMBER 1998.

By .

(5 EAL)
ATTEST:

By

"..,.-,- -"---~,.~

Corporate Secretary :)-.."

Appendix 1 (a) to Loan Contract C153854