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PROJ00453
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Last modified
11/19/2009 11:17:47 AM
Creation date
10/5/2006 11:56:03 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153530
Contractor Name
DeWeese-Dye Ditch and Reservoir Company
Contract Type
Loan
Water District
12
County
Custer
Bill Number
SB 88-30
Loan Projects - Doc Type
Contract Documents
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<br />. <br /> <br />. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br />THE COMPANY at a special meeting that: <br /> <br />1. The DeWeese-Dye Ditch & Reservoir Company is authorized to <br />sign the attached contract with the State to borrow One <br />Hundred Six Thousand Dollars ($106,000) in principal and to <br />repay a total amount of Two Hundred Forty-Seven Thousand One <br />Hundred Six Dollars & Eighty Cents ($247,l06.BO) on the <br />terms and conditions stated therein for the purpose of <br />repair and rehabilitation of the DeWeese-Dye Ditch. <br /> <br />2. <br /> <br />The President and the Secretary of <br />authorized to sign the contract on behalf <br /> <br />the Company are <br />of the Company. <br /> <br />3. An assessment is hereby authorized to.:6:if,)1'.evied in a timely <br />.' .>.....:-'".;\ <br />manner and in an amount sufficien:t"-..to as;~l1re repayment to <br />the State of the loan according to'the te~~~ and conditions <br />of the contract. This contract, loan"d~,p,t ;~ for the purpose <br />of maintaining the DeWeese-Dye"'Di:tc,h, ';~iTIgJof protecting the <br />interests of the shareh~lders, '\..;~:~d r. dischargi~g this <br />lawful contract debt plus ln~erest:0(~ne Board of Dlrectors <br />shall include this contract rep~ymen~expense in its annual <br />est i ma te of expenses and ,x;si}a,bl make any add i t i ana 1 <br />.. ,', -,.....::...,~'..... <br />assessments necessary to." as'?yre''';p-epayment to the State as <br />required by' the contrac:t, :':~n fhe manner provided in' said <br />Sec t ion 2 of the By-L'aw;;: V <br /> <br />, <br /> <br />4. In the event of any defa~t in repayment to the State, as <br />determined ln writing}'by the State, the Company is <br />authorized to immediately take any lawful action to ~ure <br />such default. The Company is also authorized to take any <br />other lawful action which may be required by the Articles of <br />Incorporation or By-Laws to properly execute this contract <br />and perform all the terms and conditions thereof in a timely <br />manner. <br /> <br />5. The Company is authorized to execute and perfect a security <br />interest in the form provided by the State in the revenues <br />resulting from the assessment(s) levied for the purpose of <br />repayment of the contract loan to the State. That security <br />interest shall be signed by the President and the Secretary. <br />That security interest shall be deemed to include any future <br />assessment revenues obtained for repayment of the contract <br />loan. The Company shall insure that the State has priority <br />interest in such revenues. <br /> <br />6. <br /> <br />The Company is authorized to establish a separate fund <br />account in the Company name and in the name of "the State of <br />Colorado, for the use and benefit of the Colorado Water <br />Conservation Construction Fund" at a state or national bank <br />or savings and loan association insured by the federal <br />government, and to deposit in such account all revenues <br />resulting from the assessment(s) made to repay the contract <br />loan to the State, and to pay such monies to the State as <br /> <br />...-, <br />
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