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<br />.- <br /> <br />.. <br /> <br />l~,!:'" <br /> <br />. ~, <br /> <br />(0 R AFT RES 0 L UTI 0 N) <br /> <br />, <br /> <br />RESOLUTION OF THE SHAREHOLDERS <br />OF THE LOLOFF LATERAL DITCH COMPANY <br /> <br />Concerning an amendment of the contract dated November 23, 1993, between Loloff Lateral <br />Ditch Company (hereinafter referred to as COMPANY) and the State of Colorado Water <br />Conservation Board (hereafter referred to as the STATE). whereby the amount borrowed is <br />increased by $12,000 from $71,500 to $83,500. The following resolutions were adopted <br />by the shareholders of the Loloff Lateral Ditch Company at a meeting held <br />\.,';'1'1) 9 , 1995, at Kersey, Colorado, and these resolutions are irrepealable <br />during the life of the loan. <br /> <br />a. RESOLVED, that the shareholders hereby authorizes the COMPANY to <br />contract for this additional loan debt, and authorizes the President and the <br />Secretary to pay the indebtedness on behalf of the COMPANY, and <br /> <br />c. RESOLVED, that the shareholders hereby authorizes the COMPANY to make <br />and levy assessment(s) sufficient to payoff this contract loan pursuant to its <br />terms, and <br /> <br />d. RESOLVED, that the shareholders hereby authorizes the COMPANY to set <br />aside this assessment revenue in a special fund separate and apart from other <br />COMPANY revenues to assure repayment of this revenue to the STATE, and <br /> <br />e. RESOLVED, that the shareholders hereby authorizes the COMPANY to sign <br />a security interest in such assessment revenues in favor of the STATE to <br />secure the repayment. <br /> <br />Dated this ....2. day of \,:J;J!J ,1995 <br />LOLOFF LATERAL DITCH COMPANY <br /> <br />'jb//.L) <br /> <br />/<. /)/./ ) <br />1.../ I A /, 1/ ,,~r <br /> <br />By <br />() Title: <br />i/ <br /> <br /> <br />o }::~I /J' <br />L l/ICt~ <br /> <br />ATTEST: <br /> <br />'Ut /.J- <br />-,.e S" j dc'iJ I <br /> <br />APPENDIX D <br />