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<br />stock owned by the stockholders of the Terrace <br />Irrigation Company which are designated or <br />earmarked for purposes of repaying the <br />indebtedness of Terrace Irrigation Company to the <br />State of Colorado and which will be set aside in a <br />special fund separate and apart from other <br />revenues or funds of the Terrace Irrigation <br />Company. <br /> <br />NOW THEREFORE, UPON MOTION DULY MADE, seconded, and <br />pursuant to a vote taken wherein ~ shares voted for, and <br />17 shares voted against, it be and was resolved that the <br />directors of the Terrace Irrigation Company be and they are <br />hereby authorized to contract to borrow the principal sum of <br />ONE MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS <br />($1,650,000.00) from the State of Colorado acting by and <br />through the Colorado Water Conservation Board and to levy <br />assessments assuring payments of the State according to the <br />terms of the loan agreement. <br /> <br />THAT the President and Secretary of the Terrace <br />Irrigation Company, be and they are hereby authorized to pay <br />the incurred indebtedness with funds generated by an annual <br />special debt repayment assessment which will be sufficient <br />to annually pay the sum of NINETY-SIX THOUSAND ONE HUNDRED <br />SIXTY-TWO DOLLARS ($96,162.00), and such other sums as are <br />necessary to create a reserve equal to one annual payment <br />and to set aside this special annual assessment revenues in <br />a special fund separate and apart from other revenues of the <br />Terrace Irrigation Company for that period necessary to <br />repay the original loan amount together with accrued <br />interest at the rate of FIVE (5) PERCENT per annum, which <br />period is contemplated to be Forty (40) years commencing <br />from the date of execution of the loan agreement and which <br />will result, if all payments are made in accordance with the <br />terms of the agreement, in the ultimate payment of the THREE <br />MILLION EIGHT HUNDRED FORTY-SIX THOUSAND FOUR HUNDRED EIGHTY <br />DOLLARS ($3,846,480.00). <br /> <br />THAT the Directors of the Terrace Irrigation Company be <br />and they are hereby authorized to take all necessary actions <br />consistent therewith to levy assessments to raise sufficient <br />funds to pay the contract debt in a timely manner and as <br />required by the terms and conditions set forth in the <br />project and promissory note including but not limited to, if <br />the situation so warrants, the imposition of additional <br />assessments designated and earmarked for purpose of assuring <br />payment of the contract loan debt, or the increasing of the <br />original assessment to assure the timely annual payment of <br />the contract. <br /> <br />THAT THE DIRECTORS OF THE TERRACE IRRIGATION COMPANY be <br />and they are hereby authorized to execute in favor of the <br /> <br />-3- <br />