PROJ00303

• Contract/PO #: C153571
• Contractor Name: Morrison Consolidated Ditch Company
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

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necessary to lawfully enter the contract and incur the liability and assure
repayment to the State, including: the adoption of a resolution approving

the contract; the levy of assessments to assure repayment of the contract;

the execution of a security interest in such assessment revenues in favor of
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the State; the setting aside of such assessment revenues in a separate fund

unavailable for any other uses; and the execution of a deed of trust in the

Project as security for the loan.

WHEREAS, the Shareholders of the Company at their regular meeting on

January 13, 1990, at which a quorum was present, passed a resolution,

which resolution approved the contract, the levy of assessments to assure

repayment of the contract, the execution of a security interest in such

assessment revenues in favor of the State, the setting aside of such

assessment revenues in a separate fund unavailable for any other uses and

the execution of a deed of trust in the Project as security for the loan.

NOW, THEREFORE, BE IT RESOLVED that:

1. The Board approves entering into a contract with the State to

borrow Eighty Thousand Dollars ($80,000.00) for the purpose of
repairing and rehabilitating the Dry Creek Syphon and protecting

the interest of the shareholders.

2. The President and the Secretary of the Company are authorized to
sign such a contract on behalf of the Company.
3. The Board will include the contract repayment expense in its

annual estimate of expenses,

4. The Board will take all' lawful action to perform all the terms and

conditions of the contract in a timely manner.

4. In the event of any default in repayment to the State, as de-

termined in writing by the State, the Board will immediately take

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