C150155 Contract

• Contract/PO #: C150155
• Contractor Name: Rio Grande and Piedra Valley Ditch Company
• Contract Type: Loan
• Water District: 20
• County: Rio Grande
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS

OF THE RIO GRANDE AND PIEDRA VALLEY DITCH COMPANY

The Board of Direytors of The Rio Grande and Piepra Valley Ditch Company (Company), a
meeting held ~. ~ 0 , 2003, at 'fVI.-1M.~ U'<..)::!:s.. Colorado, adopted the following
resolutions concerning a secured loan from the State of Colorado Water Conservation Board
(CWCB), for the purpose of replacing 13 wooden check structures, in the amount of $52,000 or
such actual amount, more or less, as may be needed by the Company and available from the
CWCB, in addition to the CWCB's loan service fee in the amount of 1 % of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term of
the loan and, pursuant to the Company's bylaws, authorized the President and
Secretary!Treasurer, RESOLVED as follows.
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $52,000, or such actual amount, more or less, as needed
to finance the project costs, plus the CWCB's loan service fee of 1 % of the loan amount
and
2. to levy and collect assessments from the shareholders 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. to place said pledged revenues in a special account separate and apart from other
COMPANY revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and
5. to pledge as collateral the Company's diversion and headgate structures and to execute a
deed of trust to convey a security interest to the CWCB in said property, and
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. 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 SECRETARY!TREASURER HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE ~D DAY OF () Ii' +0 \p~ 2003.

(SEAL)

ATTEST:

By t,J J~ ~, 1'\^-<.:--'\ t-
William M. McNeil, President'

Appendix 3b to Loan Contract C150155