PROJ00497

• Contract/PO #: C153620
• Contractor Name: Clinton Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 36
• County: Summit
• Bill Number: SB 90-87
• Loan Projects - Doc Type: Contract Documents

RESOLUTION NO. 21-92
Series of 1992

'~~~ ~! /992

A RESOLUTION RELATING TO CLINTON GULCH
RESERVOIR AND COLORADO WATER CONSERVATION
BOARD LOAN AGREEMENT

WHEREAS, the Board of Trustees of the Town of Dillon (the
"Town") has been presented with the following form:

Loan Agreement (the n-CWCB .Loan Agreement") setting forth
the terms and provisions of a loan from the Colorado
Water Conservation Board to the Clinton Ditch and
Reservoir Company (the "Corporation") in the amount of
$4,735,000 that will be used for a portion of the
purchase price of the Clinton Gulch Reservoir. The eweB
Loan Agreement provides, inter alia, for the execution by
the Town of a nonrecourse deed of trust and a nonrecourse
security agreement (the "Security Documents") in
connection with the pledge by the Town of its 200 shares
of the Corporation's Class A series 1 common stock to
secure $82,000 of the loan from ewes, which amount will
be used to fund the Town's purchase of the 200 shares and
applied by the Corporation to the purchase price of the
Clinton Gulch Reservoir.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF DILLON, COLORADO, AS FOLLOWS:

Section 1. That a copy of the CWCB Loan Agreement
to the Board shall be retained in the Town's records and
identify it as the CWeB Loan Agreement referred to
resolutions; and

presented
marked to
in these

Section 2. That the appropriate Town officers are hereby
authorized to execute and deliver, in the name and on behalf of the
Town, the Security Documents described in and attached to the CWCB
Loan Agreement, each of the foregoing to be substantially in the
form submitted to and reviewed by the Board, with such changes as
the official executing the applicable document shall deem proper,
such execution by such official to be conclusive evidence that such
official deems all of the' terms and provisions thereof to be
proper; and

Section 3. That the appropriate Town officers are hereby
authorized in the name and on behalf of the Town from time to time
to take such action and to execute and deliver such documents, as
may be required or as such official may deem necessary or advisable
or proper in order to carry out and perform the obligations of the
Town under the Security Docum.~nts, or :tn connecticn with any of the
foregoing; all such actions to be performed in such manner, and all
such documents to be executed and delivered in such form, as the
official performing or executing the same shall approve, the
performance or execution thereof by such official to be conclusive
evidence of the approval thereof by such official and by the Board;
and '

Section 4. That the Board hereby ratifies, approves and
confirms all actions previously taken in connection with the
foregoing.