Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OFTHETUNNELWATERCONWANY <br /> <br />The Shareholders of The Tunnel Water Company (Company), at a Shareholders' meeting <br />held July 11,2001, at Fort Collins, Colorado, adopted the following resolutions concerning a <br />secured loan from the State of Colorado Water Conservation Board (State), for the purpose of <br />rehabilitation ofa portion of the Laramie-Poudre Tunnel, in the amount of$2,080,000 or such <br />actual amount, more or less, as may be needed by the Company and available from the State for <br />up to 90% of the actual project costs. <br /> <br />At said meeting, the Shareholders, upon motion, second and unanimous vote, <br />RESOLVED as follows: <br /> <br />The Board of Directors and Officers of the Company, on behalf of the Company, are <br />authorized: <br /> <br />1. to enter into and comply with the terms ofa contract with the Colorado Water <br />Conservation Board for a loan in the amount of $2,080,000, or such actual amount, more <br />or less, as needed to fmance up to 90% of the project costs, and <br /> <br />2. to levy and collect assessments fr~m the shareholders in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and <br /> <br />3. to place said pledged revenues in a special account separate and apart from other <br />Company revenues, and <br /> <br />. L '. <br />4. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service fund, and <br /> <br />5. to pledge real or personal property of.the Company (including the water rights known and <br />decreed as the Laramie River System.ofthe Tunnel Water Company and an easement for <br />the Laramie-Poudre Tunnel) as collateral fOIthe loan and execute documents necessary <br />to convey a security interest in said property to the CWCB, and <br /> <br />6. to execute all documents as required by the io~ contract, including, but not limited to, a <br />Security Agreement, Deed of Trust, Assignment of Deposit Account As Security, and a <br />Promissory Note, and <br /> <br />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br /> <br />Lastly, upon motion, second and unanimous vote, it was RESOLVED that the above <br />resolutions are irrepealable during the term of the loan. <br />. J,.. <br /> <br />Appendix 3a to Loan Contract C150065 <br />