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<br />. <br /> <br />. <br /> <br />RESOLUTIONS OF THE STOCKHOLDERS OF <br />THE FORT MORGAN RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Stockholders of The Fort Morgan Reservoir and Irrigation Company (Company), at a <br />Stockholders' meeting held January 22, 2000, Fort Morgan, Colorado, approved a loan 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) to the Jackson Lake Reservoir and Irrigation Company <br />for the purpose of rehabilitation of the Jackson Lake Reservoir and Irrigation Company's <br />diversion structure on the South Platte 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 increased by approximately $59,000. The Jackson Lake <br />Reservoir and Irrigation Company applied to the CWCB for an increase in the loan of $53,100, for <br />a total loan amount of $389,700, not to exceed 90%, and the CWCB approved such request <br /> <br />To approve the additional loan amount from the CWCB to the Jackson Lake Reservoir and <br />Irrigation Company, the Company's Stockholders, at a meeting held on January 27, 2001, <br />charged that these resolutions are irrepealable during the term of the loan and, pursuant to the <br />Company's bylaws, authorized 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 Contract, and <br /> <br />3. 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 as <br />collateral for the loan, <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />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 ~ 'Ttl. DAY OF JANUARY 2001. <br /> <br />Byfi 1J/lAr&J Jr.) I, H , <br />(SEAL) I ~ <br />ATTEST: <br />By ~ 'AL~ <br /> <br />Corporate Secra ry <br />