C150008 Contract

• 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

,-:-"

,~

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE LEROUX CREEK WATER USERS' ASSOCIATION

The Board of Directors of the Leroux Creek Water Users' Association (Association), at a meeting
held December 14, 1998, at Hotchkiss, Colorado, adopted the following resolutions concerning loans
from the State of Colorado Water Conservation Board (CWCB) for the purpose of rehabilitating Carl
Smith Reservoir Dam.

At said meeting, the Board charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Association's bylaws, authorized the President and Corporate Secretary as
follows_
1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for loans in the amount of up to $1 ,500,000, and

2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient to pay the
annual amounts due under each Loan Contract, and to pledge assessment revenues and the
Association's right to receive said revenues for repayment of each loan, and

3. RESOLVED, to place said pledged revenues in a special account separate and apart from other
Association revenues, and

4. RESOLVED, to make the annual payments required by each promissory note and to make annual
deposits to a debt service reserve fund, and

5. RESOLVED, to pledge certain property of the Association as collateral for each loan and execute the
deeds of trust or other documents necessary to convey a security interest in said property to the
CWCB, and

6. RESOLVED, to execute all documents as required by each loan contract, including, but not limited to,
a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and

7. RESOLVED, to take such other actions and to execute such other documents as may be necessary
to consummate and implement each loan.

CERTIFICATION

THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S
BOARD OF DIRECTORS DULY CALLED AND HELD,AS ABOVE RECITED, PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT
SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE iLf'[~DAY OF DECEMBER 1998.

(S EAL)

'ol",
Thomas M. Alvey, Presid

Of~

By

ATTEST:

~u

Corporate Secret

Appendix A(2) to Loan Contract C150008