C153757 Contract - Laserfiche WebLink

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f~';-) . .. .... (,~) BOARD OF DIRECTORS RESOLUTION of the DECKER LATERAL COMPANY Concerning a loan in amount of $1 00,000 from the State of Colorado Water Conservation Board (STATE), for the purpose of rehabilitating 7,900 linear feet of the lower end of the Decker Lateral Ditch, the following resolutions were adopted by the Board_1Directors of the Decker Lateral Company (COMPANY), at their meeting held February , 1997, at Eaton, Colorado, The Board of Directors hereby charges that these resolutions be irrepealable during the life of the loan and hereby authorizes the President and Secretary as follows: 1. RESOLVED, to enter into a Contract with the Colorado Water Conservation board for a loan in the amount of $100,000, and to comply with all the terms of the loan contract, and 2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the annual loan payment and the deposit to the reserve debt service fund due under the loan contract, and 3, RESOLVED, to place assessment revenues pledged to make annual loan payments and to make annual deposits to the reserve debt service fund in a special account separate and apart from other COMPANY revenues, and 4, RESOLVED, to make annual payments and to make annual deposits to a debt service reserve fund in accordance with the loan contract, and 5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one annual loan payment ($5,959,82) as security for the loan, and to execute, an . assignment of certificate of deposit in accordance with the loan contract, and , 6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay the loan. Adopted this ;t it day of February 1997. The Decker Lateral Company By W/~ Robert A Wardlaw, President By c:\MyOoc\Res Oeckerl1/31/971 Appendix 1 to Loan Contract C153757