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<br />" - <br /> <br />RESOLUTION <br /> <br />A RESOLUTION adopted at the annual meeting of the <br />stockholders of the Terrage Irrigation Company held on the <br />21st day of November, 1991, at the Bowen Community Hall, the <br />unincorporated community of Bowen, Colorado, at which a <br />quorum of stockholders was present. <br /> <br />R E C I TAL S <br /> <br />WHEREAS, the stockholders of the Terrace Irrigation <br />Company have heretofore adopted a Resolution formerly <br />authorizing the Directors of the Terrace Irrigation Company <br />to contract to borrow money from the State of Colorado <br />acting by and through Colorado Water Conservation Board, to <br />levy assessment to assure the repayment of the State <br />according to the terms of the Loan Agreement, authorizing <br />the President and Secretary of the Terrace Irrigation <br />Company to pay the accrued indebtedness with funds generated <br />by the special debt repayment assessment, authorizing the <br />Board of Directors to pay the contract debt in a timely <br />manner, to impose additional assessments to the extent <br />necessary to assure timely payment of the contract loan <br />debt, and authorizing the execution of a Security Agreement <br />and Financing Statement imposing and perfecting a lien in <br />favor of the State of Colorado on all revenues derived from <br />assessments on the stock owned by the stockholders of the <br />Terrace Irrigation Company which are designated or earmarked <br />for purposes of repaying the indebtedness of the Terrace <br />Irrigation Company to the State of Colorado and which will <br />be placed in a special fund; and <br /> <br />WHEREAS, an additional specific requirement of said <br />project contract and promissory note, for which stockholder <br />approval must be obtained, the execution of which is <br />necessary in order to obtain the loan funds above set forth, <br />is the adoption of a Resolution authorizing the Members of <br />the Board of Directors to execute a Warranty Deed Security <br />Interest wherein the State of Colorado acting through the <br />Colorado Water Conservation Board is set forth as the <br />grantee conveying to the State of Colorado all the legal and <br />equitable interest which the Terrace Irrigation Company has <br />acquired or will acquire in either the new proposed rights- <br />of-way or the existing rights-of-way until such time as the <br />loan is completely repaid. <br /> <br />NOW THEREFORE, upon motion duly made, seconded, and <br />pursuant to a vote taken wherein 567 shares are voted for <br />and 12 shares are voted against;-It be and was resolved <br />that the Directors of the Terrace Irrigation Company be and <br />they are hereby authorized to execute a Warranty Deed <br /> <br />ATTACHMENT B <br /> <br />6'--<'-'~~,'" "~-""" ~ <br />,-f <br />