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<br />: <br /> <br />. <br /> <br />. <br />,. <br /> <br />RESOLUTION <br />OF THE BOARD OF DIRECTORS <br />OF THE SANTA MARIA RESERVOIR COMPANY <br /> <br />A motion was made by Director McNitt ,duly seconded by <br />Director Holland ,and unanimou~ly carried to adopt the following <br />resolution: <br /> <br />WHEREAS, the Santa Maria Reservoir Company ("the Company" or <br />the "Grantee"), a corporation org'anized pursuant to the laws of the <br />State of Colorado desires to enter into a contract with the State <br />of Colorado through the Colorado Water Conservation Board ("the <br />State") for a grant of up to Thirty Thousand Dollars ($30,000.00) <br />to be used to pay one-half of the cost of conducting a Feasibility <br />study to evaluate alternatives for the repair of Continental Dam, <br />including but not limited to, measures to reduce or eliminate <br />embankment seepage; and, <br /> <br />WHEREAS, by agreement between the Company and the State, the <br />Company has also been given and will enter into a separate Contract <br />Amendment deferring the Company's 1994 payment on Contract C-153533 <br />with the State and extending the term of that Contract by one year; <br />and, <br /> <br />WHEREAS, pursuant to the Articles of Incorporation and the <br />Bylaws of the Company, the Company has authority to enter into <br />contracts in the name of the Santa Maria Reservoir Company; and, <br /> <br />WHEREAS, pursuant to SS 37'60-119, 37-60-121(1) (b) (iv), and <br />37-60-122(1) (c), 15 C.R.S. (1990 Repl. Vol.), the State has <br />authority to grant money to the Company by contract for the purpose <br />of studyin9 the feasibility of repairing and rehabilitating <br />Continental Dam; and, <br /> <br />WHEREAS, the Company and the state have negotiated a contract <br />for a grant to the Company whicb contract requires certain terms <br />and conditions and requires the Company to take all acts necessary <br />to lawfully enter into the contract, including the adoption of a <br />resolution approving the contract. <br /> <br />NOW, THEREFORE, be it resolved by the Board of Directors of <br />the Company at a regular meeting that: <br /> <br />APPENDIX B <br />