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<br />. <br /> <br />. <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS OF <br />THE FORT MORGAN RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Board of Dire~ors of The Fort Morgan Reservoir and Irrigation Company (Company), at <br />a meeting held jCl~~'ia~ --5:...., 2000, at Fort Morgan, Colorado, adopted the following <br />resolutions concerning a loan to the Jackson Lake Reservoir and Irrigation Company in the <br />amount of up to $336,600, not to exceed 90% of actual costs, from the State of Colorado <br />Water Conservation Board (CWCB), for the purpose of rehabilitation of the Jackson Lake <br />Reservoir and Irrigation Company's diversion structure on the South Platte River, <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the Directors and/or officers, on <br />behalf of the Company in its capacity as a stockholder of the Jackson Lake Reservoir and <br />Irrigation Company, as follows. <br /> <br />4. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to enter into <br />and comply with the terms of a contract with the Colorado Water Conservation Board for a <br />loan in the amount of up to $336,600. and <br /> <br />5. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to levy and <br />collect assessments from its stockholders in an amount sufficient to pay the annual amounts <br />due under the Loan Contract, and <br /> <br />6. RESOLVED, to authorize the Jackson Lake Reservoir and Irrigation Company to pledge <br />certain real property and accounts of the Jackson Lake Reservoir and Irrigation Company <br />as collateral for the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNEO. THE PRESIDENT AND THE CORPORATE SECRETARY. RESPECTIVELY. HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTEO AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS. AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENOEO OR RESCINDEO. <br />~ fepr~~~ <br />GIVEN UNOER OUR HANOS AND THE SEAL OF THE COMPANY THE 5 - DAY OF JANIdM!\' 2000. <br /> <br />(SEAL) <br />ATTEST <br /> <br />, - . <br />I' I (1.' <br />By d {lA_if!.:! /-:.z.....fi.d:L, <br />! Pre~ nt <br /> <br />By <br /> <br /> <br />