PROJ00063

• Contract/PO #: C153533
• Contractor Name: Santa Maria Reservoir Company
• Contract Type: Loan
• Water District: 0
• County: Hinsdale
• Bill Number: SB 88-30
• Loan Projects - Doc Type: Contract Documents

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RECORD OF PROCEEOINGS

Monte Vista, 'Colorado
April ,l2, 1989

The Board of Directors of the Santa Maria Reservoir Company
met at 7:30 p,m. at the Water Office, Monte Vista, colorado and
there were I present Ron Heersink, Vice President, John Kelly,
Secretary, 'Director Bill Metz, and Director Richard Boyce, also
Superintendent Barry 8. Nelson and Assistant Secretary L. Ruth
Clark.

vice President Heersink called the meeting to order. After
finding a quorum present, the Minutes of the Board's last meeting
were reviewed, a motion was made, duly seconded and carried
approving the Minutes.

The Company I s Financial Report was ne>=t consldered by the
Board. A motion was made, duly seconded and carried approving the
Financial Statement.

The Board then directed Assistant Secretary L. Ruth Clark to
contact three (3) financial institu~ions to determine which will
offer the highest interest rates on the special account to be
established for the deposi t of assessments collected by the Company
for repayment to the State of the loan fo~ the pU~pose 0: repai~
and rehabilita~ion of the San~a Maria and Continental Dams.

Superintendent Nelson repor~ed on ~he s~a~us 0: the approval
of the con~ract for rehabilitation 0: the reservoirs. He said that
the office of the Attorney General had raised questions about the
earlier resolu-cion provided to the Company by the St.a:.e, fo~
apparer.tly the S'ta'te had submitted a resol'-"t.ion 't.o us v.'i-:.h a
clerical omission. In order to correct this omission, a new
resolution had been prepared by John Carlson, and submitted ~o ~he
At'torney GeneralIs office for their approval. That approval has
now been obtained. Mr Nelson presen~ed the resolution to the board
of direc:.ors for their consideration, After review of :.he
resolution and discussion thereof, Director Boyce moved that the
f0110....'in9 resolution be adopted in place of the Board's prior
resolution, and Director Kelly seconded the motion:

Resolution

A motion was made by Direct.or Boyce, duly seconded
by Direc;hr Kelly and unanimously carried to adopt the
followingfresolution:

WHEREAS, the Santa Maria Reservoir Company (the
"Company", or the "Cont:ractor"), a corporation organized
pursuant to the laws of the State of Colorado, desires
to enter into a contract to borrow money from the State
of Colorado through the Colorado Water Conservation Board
(the IIStateU) for the purpose of repairing and rehabili-
tating i~s existing embankment known as the Santa Maria
and Continental Dams for the benefit of company share-
holders; and

WHEREAS, pursuant to the Articles of Incorporation
and to Article XI of the Bylaws of the Company, the
Company has authority to enter a contract to bo~row money
and incur 1 iabil i ty in the name of The Santa Ma:::-ia
Reservoir Company if the contract is duly authorized by

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