C153827 Contract

• Contract/PO #: C153827
• Contractor Name: Julesburg Irrigation District
• Contract Type: Loan
• Water District: 64
• County: Logan
• Bill Number: EIA
• Loan Projects - Doc Type: Contract Documents

"
,)

/

RESOLUTION

BE IT RESOLVED, that the Julesburg Irrigation District (the "District") shall
enter into and comply \vilh the terms of the Loan Contract No. CI53827 C'Loan
Contract") with the State of Colorado for the use and benefit of the Department of
!\atural Resources, Colorado Water Conservation Board, (the "State") ill the form
attached hereto as Exhibit I;

BE IT FURTHER RESOLVED, that the President and Secretary are authorized to
execute the Loan Contract on behalf of the District.

BE IT FURTHER RESOLVED, that the District, through the above oftlcers,
bon ow, lU1der the tenus of the Loan Contract, the principal swn of$510.469.00;

BE IT fURTHER RESOLVED, that the District shall enter into and comply with
the lenllS of the Promissory Note, attached hereto as Exhibit 2, whereby the District
promises to pay the State the principal SW11 of $51 0,469 plus interest at the rate of 3.75
pe~ceor per annum for a tenn of thirty years, pursuant to the Loan Contract;

BE IT FURTHER RESOLVED, that the District shall pledge revenues from the
District's general fund, in an al110lmt ,ufficient to payoff the loan made under the Loan
Conuacl;

BE IT FURTHER RESOLVED, that the District shall set aside the pledged
revenuc, each year to pay the annual iIlstallment in a special account, separate and apart
from other revenues of the District;

BE IT FUR THER RESOLVED, that the District shall make annual loan payments
in accordance with th~ promissory note;

BE IT FURTHER RESOLVED, that the District shall establish a reserve d~bt
servic~ accounl in the amount of one annual payment, and to replenish that fund an)1ime
it is depleted;

BE [T FURTHER RESOLVED, that the District shall execute a security
ai,'Tcement to convey a security interest to the State in the pledged revenues; and

BE IT FURTHER RESOLVED, that the District shall execute a deed of trust to
convey a security inlerest to the State in the land underlying the Julesburg Reservoir;

BE IT FURTHER RESOLVED, that this RESOLUTION constitutes a legislative
meaSUIe of the District and is irrepealable for the term of the Loan Contract,

"

I certify that the foregoing Resolution was duly adopted by the Board of Directors
o~ Julesburg Irrigation District at a special meeting of the Board held on
~ 010/.. j,.,/ J~ ,1998. .

"---.,;/ /) /? ~ i
L." ;;.1/'-1"'-'1) ~ Lcr:-~,t.' (1(",
Secretary "
,
"

Appendix 1 to Loan Contract C153827