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<br />...--., <br />. , <br />, <br /> <br />RESOLUTIONS OF THE BOARD OF TRUSTEES <br />OF THE CHILCOTT DITCH COMPANY <br /> <br />The Board of Trustees of the Chilcott Ditch Company (Company), at a meeting held <br />J],r< .:z cf, , 1999, at Fountain, Colorado, adopted the following resolutions <br />conceming a loan in the amount of up to $250,000, not to exceed 25% of actual construction <br />costs, from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br />reconstructing the Company's diversion structure on Fountain Creek. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary as follows, <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of up to $250,000, and <br /> <br />2, RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient <br />to pay the annual amounts due under the Loan Contract, and to pledge assessment <br />revenues and the Company's right to receive said revenues for repayment of the loan, and <br /> <br />3, RESOLVED, to place said pledged revenues in a special account separate and apart from <br />other COMPANY revenues, and <br /> <br />4, RESOLVED, to make the annual payments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and l'!' <br /> <br />5, RESOLVED, to pledge certain property of the Company as collateral for the loan and execute <br />documents necessary to convey a security interest in said property t~ the CWCB, and <br /> <br />6, RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br /> <br />7, RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />',' <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF TRUSTEES DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT 8EEN AMENDED OR RESCINDED, <br /> <br />GIVEN UNDER OUR HA~DSANDTHE SEAL OF THE COMPANY THE ~ q; DAY OF -LJ. r.P>r1J" ~ 1999, <br /> <br /> <br />By ~{!~":~ <br />( SEA L ) Glen C, Ermel, Pre dent <br /> <br />n .- <br /> <br />ATTEST: <br />'7' //0 / <br />By '4(1.....<1 Yd-P <br />~~orporate Secretary <br /> <br />/ <br /> <br />r <br />