PROJC00480 - Laserfiche WebLink

Home Browse Search

. . . RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE JACKSON LAKE RESERVOIR AND IRRIGATION COMPANY The Board of Directors of The Jackson Lake Reservoir and Irrigation Company (Company), at a meeting held February 'J.8!Z2000. at Fort Morgan, Colorado, adopted the following resolutions concerning a loan in the amount of up to $336,600, not to exceed 90% of actual construction costs, from the State of Colorado Water Conservation Board (CWCB). for the purpose of rehabilitation of the Company's diversion structure on the South Platte River. At said meeting, the Board charged that these resolutions are irrepealable during the tann of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary as follows. 1. RESOLVED. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan In the amount of up to $336,El.OO. and 2. RESOLVED, to levy and collect assessments from the Stockholders in an amount sufficient to pay the annual amounts due under the Loan Contract, and to pledge assessment revenues and the Company's right to receive said revenues for repayment of the loan, and 3. RESOLVED, to place said pledged revenues in a special account separate and apart from other COMPANY revenues, and 4. RESOLVED, to make the annual payments required by the promissory note and to make annual deposits to a debt service reserve fund, and 5. RESOLVED, to pledge certain real'property and accounts of the Company as collateral for the loan and execute documents necessary to convey a security Interest in said real property and account to the CWCB, and 6. RESOLVED, to execute all documents as required by the loan contract, Including, but not' limIted to, a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and 7. RESOLVED, to take such other actions and to execute such other documents as may be necessary to consummate and Implement the loan. CERTIFICATION THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE: FORE:GOING ARE TRUE AND CORRECT COPIES OF RE;SOLUTlONS DULY ADOPTED AT A MEETING OF THE COMPANy'S BOARD OF DIRECTORS DUlY CALLED AND HELD AS ABOVE RE;CITEO, PURSUANT TO THE; COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMEN OED OR RESCINDED. GIVEN UNDER OUR HANDS AND TH5 SEAL OF THE COMPANY THE 121h DAY OF FEBRUARY 2000. >.....,'... By ~~/~~~~ Presld .."..,~~,<. '( $E ~ L) ......-..../ . 0.. . '-2 ATTE T:'-::' \\ '-' ... 81. .~q.rporate Secreta ., ;" ":' ....:..~~.::;..."',.. . . oJ.... \ .~/...... ~..' , . EXHIBIT . j (3 j , i .-