C153833 Contract

• Contract/PO #: C153833
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 98-1189
• Loan Projects - Doc Type: Contract Documents

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RECEIVED
FEB 0 5 1999

RESOLUTIONS OF THE STOCKHOLDERS OF
THE NORTH POUDRE IRRIGATION COMPANY

CoIOl'odoWlIler
ecn.erva~~~ stockholders of The North poudre Irrigation Company
("Company"), at a stockholders' meeting held February 1, 1999 at
Fort Collins, Colorado, adopted the following resolutions concern-
ing a loan in the amount of up to $500,000, not to exceed 75% of
actual construction costs, from the State of Colorado Water
Conservation Board ("State"), for the purpose of rehabilitation of
portions of the North poudre system, including the construction of
the North Poudre Reservoir #5 5pillway, to pipe the ditch below
North poudre #6 dam, and to pipe a portion of North poudre' s
Buckeye Lateral.

At said meeting, the sharenolders charged that these resolu-
tions are irrepealable during the term of the loan and, pursuant to
the Company's bylaws, authorized the Board of Directors and
officers as follows:

1. RESOLVED, to enter into and comply with the terms of a
contract with the Colorado Watej Conservation Board for a loan in
the amount of up to $500,000; aOd

2. RESOLVED, to levy and c:ollect assessments from the share-
holders in an amount sufficient ~o pay the annual amounts due under
the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said [.evenues 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 aonual deposi ts to a debt service
reserve fund; and

5. RESOLVED. to pledge certain property of the Company as
collateral for the loan and execute documents necessary to convey
a security interest in said property to the CWCB; and

6. RESOLVED. to execute all documents as required by the
loan contract and approved by tpe North poudre Board of Directors
including, but not limited to a Security Agreement, Assignment of
Deposit Account as Security. ana a Promissory Note; and

7. RESOLVED. to take sucb other actions and to execute such
other documents as may be necessary to consummate and implement the
loan.