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<br />~ <br /> <br />. <br /> <br />. <br /> <br />RESOLUflON <br />OF TlIE BOARD OF DIRECTORS <br />OF THE SANTA MARIA RESERVOIR COl\fi>ANY <br /> <br />A motion was made by Director Richard McNitt, duly seconded by Director <br />Roy Hp 1 mR , and unanimously carried 10 adop1 the following resolution: <br /> <br />RECITALS <br /> <br />The Santa Maria Reservoir Company ("the Company"), a coxporation organized <br />pursuant to the laws of the State of Colorado, entered into a contract with the State of <br />Colorado through the Colorado Water COll3crvation Board ("the State") for a grant of up <br />to Thirty Thousand Dollars ($30,000.00) to be used to pay one--half of the cost of <br />conducting a Feasibility Study to evaluate alternatives for the repair of Continental Dam, <br />including but not limited to, measures to reduce or eliminate embankment seepage; and, <br /> <br />By agreement between the Company and the State, the Company was granted a <br />deferment of the Company's 1994 payment on Contract C-153533 with the State and the <br />term of that Contract was extended by one year, thereby making additional funds <br />available to the Company to pay one-half of the cost of the Feasibility Study; and, <br /> <br />The Company and the State desire to enter into an amendment to Contract C- <br />153533 to reflect the one-year deferment of payment granted in 1994; and <br /> <br />Contract C-153533 required the Company to execute and deliver to the State a <br />Deed of Trust encumbering a portion of the Water Storage Rights of the Company as <br />security for the loan to the Company and the State and the Company have agreed upon <br />a form of Deed of Trust to be used for this purpose; and <br /> <br />Pursuant to the Articles of Incolporation and the Bylaws of the Company, the <br />Company has authority to enter into contracts in the name of the Santa Maria Reservoir <br />Company and the Company has previously authorized entering into Contract C-153533 <br />with the State. <br /> <br />NOW, THEREFORE, be it resolved by the Board of Directors of the Company <br />at a regular meeting that: <br />