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<br />., .'J, <br /> <br />., <br />,. <br /> <br />RECORD OF PROCEEDINGS <br /> <br />the Board of Directors, and provided that a resolutioh <br />by the Board of Directors shall first be duly passed at <br />a regular or a special meeting of the Directors author- <br />izing the obtaining of a loan by the company; and <br /> <br />i WHEREAS, pursuant to the Articles of Incorporation <br />and to Article IX of the Bylaws of the Company, and in <br />accordance wiCh j7-42-104, 15 C,R.S. (1973), the Company <br />has the autho~ity to levy assessments for the purpose of <br />maintaining a.nd operating The Santa Maria Reservoir <br />system, and to levy an assessment for the purpose of <br />discharging a~Y contract debt plus interest: and <br /> <br />WHEREAS, pursuant to ss37-60-119 and 37-60-120, <br />Colorado Reviged Statutes. as amended, the State has the <br />authority to ~oan money to the Company by contract for <br />the purpose of repairing and rehabilitating the Santa <br />Maria and Continental DAms provided that the Company <br />assures the repayment of the loan money plus interest; <br />and <br /> <br />WHEREAS, the Company and the State have negotiated <br />a contract fo~ the loan of money to the Company, which <br />contract requires certain terms and conditions and <br />complete repayment to the State by the terms therein, and <br />requires the Company to take all acts necessary to <br />lawfully entet" this contract and incur this liability <br />and assure repayment to the State, including: the <br />adoption of a resolution approving the contract; and the <br />levy of assessments to assure repayment of the contract; <br />and the setti~g aside of such assessment revenues in a <br />separate fund unavailable for any other uses; all as more <br />\fully set forth in the contract. <br /> <br />NOW THER~FORE, BE IT RESOLVED BY THE BOARD OF <br />DIRECTORS OF THE COMPANY at a regular meeting that: <br /> <br />1. The Santa Maria Reservoir Company is authorized <br />to sign the a~tached contract with the State to borrow <br />Four Hundred fifty-Four Thousand Dollars ($454,000) in <br />principal and to repay a total amount of Eight Hundred <br />Eighty-five Ttlousand Nine Hundred Eighty-One Dollars <br />($885,981) on the terms and conditions stated therein <br />for the purpose of repair and rehabi1itation of the Santa <br />Maria and Continental Dams. <br /> <br />2. The President is' authorized to <br />contract on behal f of the Company, and the <br />Secretary is authorized to attest the same. <br /> <br />sign the <br />Assistant <br /> <br />The chairman of the meeting called for a vote on the resolu- <br />tion, and it was unanimously approved by the board of directors. <br />A copy of the resolution was ordered attached to these minutes. <br /> <br />Superintendent Nelson also reported to the board of directors <br />regarding the question that had been raised by the office of the <br />Attorney General regarding the authority of the assistant secretary <br />of the Company to attest the contrac,t documents. 'Mr. Nelson <br />reported that Mr. carlson has now been advised that the State is <br />satisfied on this point. <br /> <br />,.v.....~ . !>'~..A <br />