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PROJC00470
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PROJC00470
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Last modified
8/1/2013 11:27:26 AM
Creation date
10/6/2006 12:08:29 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150114
Contractor Name
Loma Ditch and Lateral Company, The
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
MC3
Loan Projects - Doc Type
Contract Documents
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<br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF THE LOMA DI1:CH AND LATERAL COMPANY <br /> <br />The Shareholders of The Lorna Ditch and Lateral Company (Company), at a Shareholders' meeting held <br />October ~. 2002, at Lorna, Colorado, adopted the follOlNing resolutions conceming a secured Joan from <br />the State of Colorado Water Conservation Board (eWeS), for the purpose of rehabilitation and underground <br />piping of the remaining open concrete ditch, in the amount of $250,235 or such actual amount, more or less, <br />as may be needed by the Company and avaIlable from the ewes. <br /> <br />At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of the Joan <br />and. pursuant to the Company's bylaws, authorized the Board of Directors and officers, RESOLVED as <br />follows: <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a <br />loan in the amount of 5250,235, or such actual amount. more or less, as needed to finance the project <br />costs, and <br /> <br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual <br />amounts due under the Loan Contract, and to pledge assessment revenues and the Company's right to <br />receive said revenues for repayment of the loan, and <br /> <br />3. to place said pledged revenues in a special account separate and apart from other CoMPANY revenues, <br />and <br /> <br />4. to make the annual payments required by the promissory note and to make annual deposits to a debt <br />service reserve fund. and <br /> <br />5. to execute a deed of trust to convey a security interest to the CWCS in the portion of the ditch QINTled by <br />the Company that is rehabilitated with the funds of the Loan Contract, and <br /> <br />6. to execute all documents as required by the loan contract, induding, but not limrted to, a Security <br />Agreement and a Promissory Note, and <br /> <br />7. to reduce the loan amount to the CWCS by the amount provided to the Company by the amount of <br />$100,041, more or less, as provided by the NRCS, within sixty (60) days of receipt of said amount, and <br /> <br />8. to take such other actions and to execute such other documents as may be necessary 10 consummate <br />and implement the loan. <br /> <br />CERTIFICA lION <br /> <br />THE UNDERSIGNED, RESPECTtVEl Y, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF <br />THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2..8.th DAY OF OCTOBER 2002. <br /> <br />(SUL) <br /> <br />By <br /> <br /> <br />Terry ~erford, President <br />T7L <br /> <br />A~ ( _. <br />By ~ ,{) 7/}M_4'~ <br />J WillIams, Corporate Secretary <br /> <br />Appendix 3a to Loan Contract C150114 <br />
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