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C150008 Contract
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C150008 Contract
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Last modified
3/7/2013 2:33:24 PM
Creation date
10/6/2006 12:12:15 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150008
Contractor Name
Leroux Creek Water Users Association
Contract Type
Loan
Water District
40
County
Delta
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
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<br />! ':~) <br />RESOLUTIONS Of THE STOCKHOLDERS <br />OF THE LEROUX CREEK WATER USERS' ASSOCIATION <br /> <br />.r '. <br /> <br />The Stockholders of the Leroux Creek Water Users' Association (Association), at its Stockholders' <br />meeting held December 14, 1998, at Hotchkiss, Colorado, adopted the following resolutions concerning <br />loan(s) from the State of Colorado Water Conser/ation Board (CWeB) from the State of Colorado Water <br />Conservation Board (State) for the purpose of rehabilitating the Carl Smith Reservoir Dam. <br /> <br />At said meeting, the Stockholders charged that ttlese resolutions are irrepealable during the term of the <br />loan and, pursuant to the Association's bylaws, authorized the Board of Directors and officers as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of the loan contracts with the Colorado Water <br />Conservation Board for loans in the amount of up to $1,500,000, and <br /> <br />2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient to pay the <br />annual amounts due under each Loan Cor1tract, and to pledge assessment revenues and the <br />Association's right to receive said revenues for repaymentof each loan, and <br /> <br />3. RESOLVED, to place said pledged revenueG in a special account separate and apart from other <br />Association revenues, and <br /> <br />4. RESOLVED, to make the annual payments (equired by the promissory notes and to make annual <br />deposits to a debt service reserve fund, and <br /> <br />5. RESOLVED, to pledge certain property of the Association as collateral for the loans and execute the <br />deeds of trust or other documents necessary to convey a security interest in said properties to the <br />CWCB, and <br /> <br />6. RESOLVED, to execute all documents as required by each loan contract, including, but not limited to, <br />a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents as may be necessary <br />to consummate and implement each loan. <br /> <br />CERflFICA TION <br /> <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE ASSOCIATION, HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOL~TIONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S <br />STOCKHOLDERS DULY CALLED AND HELD AS ABOVE RECITf-D, PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT SAID <br />RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE /4 if:. DAY OF DECEMBER 1998. <br /> <br />By_ ~ YV'l O/"y <br />(S E A L) Thomas M. Alvey,~ident <br />ATTEST: <br />B'~~ <br />Corporate Secr; ) <br /> <br />, Appendix A(1) to Loan Contract C150008 <br />
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