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<br />GRAN~ ~LEY WATER USERS' ASSOC~ 'N <br /> <br />. . <br /> <br />BALLOT <br /> <br />SPECIAL SHAREHOLDERS ELECTION TO CONSIDER ADOPTION OF THE FOLLOWING <br />RESOLUTION. <br /> <br />.June 14, 1988 <br /> <br />Number of shares to be voted in person <br /> <br />.' <br /> <br />Number of share to be voted by proxy <br /> <br />(List Attached) <br /> <br />TOTAL VOTES <br /> <br />------------- <br />------------- <br /> <br /> <br />RESOLUTION <br /> <br />WBBREAS, the Grand Valley Water Users Association <br />(hereinafter: "Association") is indebted to the United States of AIIIerica <br />under two Rehabilitation and Betterment Oontracts each of which <br />provides for annual payments; and <br />WBBREAS, the Department of Interior, acting in behalf of the <br />United States if offering to SUbstantially discount the total amount <br />payable to the United States in exchange for a lump sum payment; and <br />WBBREAS, the Colorado Water Conservation Board has money available <br />to loan to the Association to permit payment of the discounted lump <br />sum; and <br />WBBREAS, the Association would substantially benefit by <br />discharging the payments to be made to the United States by payment of <br />the lump sump discount. <br />NOW THEREPORE, BE IT RESOLVED: That the Association, acting by and <br />through its Board of Directors, is hereby authorized to borrow funds <br />and to use any other funds which may be available to make a payment to <br />the United States of the lump sum discount thereby discharging the <br />payments owing to the United States under the Rehabilitation and <br />Betterment Contracts; and <br />BB IT FURTHER RESOLVED: That the Board of Directors negotiate and <br />determine the terms and conditions of any such loan and that the <br />officers of this corporation are hereby authorized to execute any <br />documentation necessary or desirable and satisfactory to the Board of <br />Directors to evidence or secure the repayment of any such loan; and <br />BE IT FURTHER RESOLVED: That the officers of the Association are <br />authorized and directed to execute the Letter of Intent indicating to <br />the United States the intent of the Association to accept the <br />prepayment discounted offer. <br /> <br /> <br />Concerning adoption of the above resolution, I hereby cast the <br />following votes: <br /> <br />IN FAVOR OF ADOPTION <br /> <br />Votes <br /> <br />OPPOSED TO ADOPTION <br /> <br />Votes <br /> <br />SIGNATURE <br />