PROJ00324

• Contract/PO #: C153522
• Contractor Name: Uncompahgre Valley Water Users Association
• Contract Type: Loan
• Water District: 41
• County: Delta
• Bill Number: SB 88-30
• Loan Projects - Doc Type: Contract Documents

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At a special meeting of the Board of Directors of the Uncompahgre
Valley Water Users Association, a Colorado corporation not for profit, duly
called by the President, James P. Grett, pursuant to the ARTICLES OF INCOR-
PORATION and the Bylaws,held on the 14th day of June, 1988 at 8:00 o'clock
p.m., at the offices of the Association at 601 North Park Avenue, Montrose,
Colorado 81401, with ~ directors present, constituting a quorum, motion
was made and seconded, and unanimously passed that the following resolution
be duly adopted:

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Page 5 of 11
EXHIBIT A

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RES 0 L UTI 0 N

RESOLVED:

WHEREAS, the UNCOMPAHGRE VALLEY WATER USERS ASSOCIATION (hereinafter
referred to as "Association") is indebted to the United States of America under
three Rehabilitation and Betterment Contracts numbered 14-06-400-4419, 2-07-40-
L2141, and 14-06-400-1067, each of which provides for annual payments; and

WHEREAS, the Department'of the Interior, acting in behalf of the
United States is offering to substantially discount the total amount payable
to the United States in exchange for a lump sum payment on each of said contracts;
and

WHEREAS, the Colorado Water Conservation Board has money available to
loan to the Association at an interest rate of 5% per annum, to permit payment
of the discounted lump sums; and

WHEREAS, the Association would substantially benefit by discharging
the payments to be made to the United States by payment of the lump sum discount,

NOW THEREFORE, BE IT RESOLVED: That the Association, acting by and
through its Board of Directors, is hereby authorized to borrow funds and to use
any other funds which may be available to make a payment to the United States of
the lump sum discounts, thereby discharging the payments owing to the Uni ted
States under any or all of the Rehabilitation and Betterment Contracts; and

BE IT FURTHER RESOLVED: That the Board of Directors negotiate and
determine the terms and conditions of any such loan and that the officers of
this corporation are hereby authorized to execute any documentation necessary
or desirable, and satisfactory to the Board of Directors to evidence or secure
the repayment of any such loan; and

BE IT FURTHER RESOLVED: That the officers of the Association are
authorized and directed to execute the Letter of Intent on or before June 17,
1988, indicating to the United States the intent of the Association to accept
the prepayment discounted offer or offers.

DATED at Montrose, Colorado this 14th day oE June, 1988.

(SEAL)

X {vn'\i/{f!~}/Ul/--tr-
~~es P. Grett, Pre ident
v

ATTEST:
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~C~ /: /2"v1'z~
~eorge C. Kubin, Secretary

EXHIBIT A