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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 Bol:ucl of Directors of The Fort Morgan Rllservolr and Irrigation Company (Company), at a <br />meeting held January 22, 2000, Fort Morgan, Colorado, approved a loan in the amount of up to <br />$336,600, not to exceed 90% of actual coats, from the State of Colorado WaterCon$9rvation <br />Board (CWCS) to the Jackson Lake Reservoir and Irrigation Company for the purpose of <br />rehabilitation of the Jackson Lake Reservoir and Irrigation Company's diversion structure on <br />the South Platt& River. <br /> <br />Due to project cost overrun and design changes due to site conditions encountered during <br />construction, the total cost of the project Increalled by approximately $59,000. The Jackson Lake <br />Reservoir and Irrigation Company applied to th~ eWCB for an Increase in the loan of $53,100, for <br />a total loan amount of $389,700, not to exceed ~O%, and the ewes approved such requesl <br /> <br />To approve the additional loan amount from the ewcs to the Jackson Lake Reservoir and <br />Irrigation Company, the Company's Board of Directors, at a meeting held on January 27, 2001, <br />charged that theae resolutions are irrepealablE; during the term of the loan and, pursuant to the <br />Company's bylaws, at.ltho~ed the Board of Directors and officers as follows: <br /> <br />1. 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 loan <br />in the amount of up to $389,700, and <br /> <br />2. 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 Contrlilcl, and <br /> <br />3. RESOLVED, to authorize the Jackson LElke Reservoir and Irrigation Company to pledge <br />certain real property and accounts of the Jackson lake Rell8rvoir and Irrigation Company as <br />collateral for the loan. <br /> <br />CERllFlCATlON <br /> <br />THE UNDeRSIGNED. 'THE PRESIDENT AND THE COFIPORATE SECRETAAY, RESPEClNELY, HEI'lEBY CERTIFY THAT THE <br />FOREGOING ARE lRUE N1D CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br />BoARD OF DIRECTORS DULY CAl.IS) AND HElD ~ ABOVE RECITED, PURSUANT TO 'THE COMPANY'S BYLAWS, N1D <br />THAT SAID ReSOI.lJTlONs HAVE NOT BEEN AMENDED OR Fti:SCINDEO, <br /> <br />GIVEN UNDeR OUR HANDS AND THE SEAt.. OF THE COMPANY THE ;I. 'I 'I:J> DAY OF JNlUAAY 2001. <br /> <br />(S E A L) <br /> <br />ArreST: <br />By ,-~~~..L1 -~- <br />eorp~~ry <br /> <br />. <br /> <br />Sy-{I:J n nA~fj ) <br />I P nt <br />