Laserfiche WebLink
<br />/.'.}:' <br />/,,' .") <br />I ~:... -. <br />'..,'. <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE RIVERSIDE RESERVOIR AND LAND COMPANY <br /> <br />The Board of Directors of the Riverside Reservoir and Land Company (Company), at a <br />meeting held on September 5, 2000, at Fort Morgan, Colorado, adopted the following resolutions <br />concerning a loan in the amount of up to $405,000, or such actual amount, more or less, as may <br />be needed by the company and available from the Colorado Water Conservation Board (CWCB) <br />for up to 90% of the actual project costs, for the purpose of rehabilitation of the Company's <br />diversion structure on the South Platte River. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary as follows. <br />1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $405,000, or such actual amount, more or <br />Less, as needed to finance up to 90% of the projects costs, and <br />2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient <br />to pay the annual amounts due under the Loan Contract, and to pledge assessment revenues <br />and the Company's right to receive said revenues for repayment of the loan, and <br />3. RESOLVED, to place said pledged revenues in a special account separate and apart from <br />other Company revenues, and <br />4. RESOLVED, to make the annual payments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and <br />5. RESOLVED, to pledge certain property of the Company as collateral for the loan and <br />execute documents necessary to convey a security interest in said property to the CWCB, and <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br />7. RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY, CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOUL TIONS DULY ADOPTED AT A MEETING <br />OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO <br />THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED, <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THr-...1) ~DA Y OF SEPTEMBER 2000, <br /> <br />ByG;?J X -1J;tSJ:fi <br /> <br />Paul McDill, President <br /> <br />(SEAL) <br /> <br />A TrEST: <br /> <br /> <br />By <br /> <br />Donald nider, Corporate Secretary <br /> <br />Appendix l' to Loan Contract C150044 <br />