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<br />I <br />" <br />, <br />J <br />, <br />l <br /> <br />:':-) <br />RESuLuTION of the BOARD OF DIRECTORS <br />of the WELDON VALLEY DITCH COMPANY <br /> <br />Concerning a loan in amount of $188,000 from the State of Colorado Water <br />Conservation Board (STATE), for the purpose of rehabilitating the rive( diversion <br />structure, the following resolutions were adopted by the Board of Directors of the <br />Weldon Valley Ditch Company (COMPANY), at their annual meeting held January 11, <br />1997, at Weldon a, Colorado. The Board of Directors hereby charges that these <br />resolutions be irrepealable during the life of the loan and hereby authorizes the <br />President and Secretary as follows: <br /> <br />1. RESOLVED, to contract with the Colorado Water Conservation board for a loan <br />in the amount of $188,000, and to comply with all the terms of the loan contract, <br />and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the <br />annual loan payment and the deposit to the reserve debt service fund due under the <br />loan contract, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan <br />payments and to make annual deposits to the reserve debt service fund in a special <br />account separate and apart from other COMPANY revenues, and <br /> <br />4. RESOLVED, to make annual payments in accordance with the loan contract, and <br /> <br />5. RESOLVED, to make annual deposits to a debt service reserve fund in <br />accordance with the loan contract, and <br /> <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount <br />of one annual loan payment ($13,227.88) as security for the loan, and to execute <br />an assignment of certificate of deposit in accordance with the loan contract, and <br /> <br />7. RESOLVED, to execute a security agreement to secure the revenues pledged to <br />repay the loan. <br /> <br />Adopted this 11 th of January 1997. <br /> <br />Weldon Valley Ditch Company <br /> <br />By /:t-<~.p-fJa~ <br />' Gerald Baugh, Preside' <br /> <br />ATTEST: <br /> <br />c ~ <br />By / <br /> <br />-Cd-A' /O~~~ /-- <br />CS <br /> <br />C;\MyDocs\Weldon Vaney Resolutions (Word) <br />