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<br />- ~ <br /> <br />~, <br />(.: -,I <br /> <br />. ","I <br /> <br />Excerpt of Minutes ofa Board of Directors Meeting <br />The Water Supply and Storage Company <br /> <br />The President brought the Board of Directors up to date on the status of the loan <br />from the Colorado Water Conservation Board to The Tunnel Water Company, of which <br />The Water Supply and Storage Company is a shareholder. The loan was in the amount of <br />$1,600,000, or such actual amount as needed to finance up to 90 percent of the costs to <br />repair a portion of the Laramie-Poudre Tunnel. Water rights of The Tunnel Water <br />Company and the easement in the Laramie-Poudre Tunnel are to be included as collateral <br />to secure the loan. The President stated that an upcoming meeting of the shareholders of <br />The Tunnel Water Company is scheduled for December 14,2000. The purpose of the <br />Tunnel shareholders meeting is to vote on whether to accept the secured loan, and it is <br />anticipated that the resolutions in the same or similar form as those which are attached to <br />these minutes would be presented to The Tunnel Water Company shareholders for <br />consideration. Similarly, the Directors of The Tunnel Water Company would be asked to <br />consider and vote on the resolutions, or similar ones, which are attached to these minutes. <br /> <br />The Board of Directors of The Water Supply and Storage Company entered into <br />discussion. Following discussion, upon motion, second and unanimous vote, the <br />following resolutions were duly passed: <br /> <br />RESOLVED that Fred Walker, Tom Moore and George Vadakin, or any of them, <br />are authorized to attend a shareholders' meeting of The Tunnel Water Company which <br />will occur on December 14,2000, as an authorized representative of The Water Supply <br />and Storage Company and to cast votes represented by all shares of stock of The Tunnel <br />Water Company owned by The Water Supply and Storage Company, at said meeting. <br /> <br />RESOLVED that on behalf of The Water Supply and Storage Company, Fred <br />Walker, Tom Moore and George Vadakin, or any of them, are authorized to vote in favor <br />of the resolutions in the form which is the same or similar to the resolutions attached to <br />these minutes, and to take any other action or vote to authorize any act, at said meeting. <br /> <br />RESOLVED that real or personal property (including water rights known as and <br />decreed as the Laramie-River System of The Tunnel Water Company and an easement <br />for the Laramie-Poudre Tunnel) may be pledged as collateral for said loan. <br /> <br />wrf\ws&s\tunnel water company\mtg ofws&s 121200 <br />