Laserfiche WebLink
<br />, I <br /> <br />contract; the execution of a security interest in such water <br />allotment contract assessment revenues in favor of the state; <br />and the setting aside of such water allotment contract <br />assessment revenues in a separate fund entitled "Loan <br />Repayment Account," which is unavailable for any other uses. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors <br />as follows: <br /> <br />1. The District is authorized to sign Contract No. <br />C-153577 with the State to borrow the sum of One Million One <br />Hundred Three Thousand Two Hundred and no/100 Dollars <br />($1,103,200.00) for the purpose of consolidating existing <br />Contract Nos. C-15334l and C-153352, together with the <br />advancement of an additional Two Hundred Thousand and no/100 <br />Dollars ($200,000.00), which is necessary to protect the <br />interests of the District and its water contract allottees. <br /> <br />2. The District is authorized to sign a contract with <br />the State terminating Contract No. C-153341, dated February <br />1, 1981, and Contract No. C-153352, dated July 1, 1981. <br /> <br />3. The President and Secretary of the District are <br />authorized to sign such contract and termination contracts on <br />behalf of the District. <br /> <br />4. The District certifies that the water contract <br />allottees of ' the District unanimously approved an expenditure <br />and liability in excess of Ten Thousand and no/100 Dollars <br />($10,000.00) by election by means of a written ballot. Said <br />written ballots approved the execution of a new contract with <br />the Colorado Water Conservation Board (the State) which <br />obligates the District to pay more than Ten Thousand and <br />no/IOO Dollars ($10,000.00) annually for the repayment of <br />such loan to the State. <br /> <br />5. A water allotment contract assessment will be <br />authorized to be levied in a timely manner and in an amount <br />sufficient to assure repayment to the State of the contract <br />loan amount plus interest according to the terms and <br />conditions of the contract. The Board of Directors will <br />include the contract repayment expense in its annual estimate <br />of expenses. <br /> <br />6. In the event of any default in repayment to the <br />State, as determined in writing by the State, the District is <br />authorized to immediately take any lawful action to cure such <br />default. The District is also authorized to take any other <br />lawful action necessary to properly execute the contract and <br />perform all the terms and conditions thereof in a timely <br />manner. <br /> <br />-2- <br />