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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF ST. VRAIN SANITATION DISTRICT <br /> <br />The Board of Directors of S1. Vrain Sanitation District, acting by and through its <br />Water Activity Enterprise (District), at a meeting held December 12, 2007, at Firestone, <br />Colorado, adopted the following resolutions concerning a secured loan from the State <br />of Colorado Water Conservation Board (CWCB), for the purpose of assuming the <br />existing obligation of the Weld County Tri-Area Water Activity Enterprise in the amount <br />of $1,907,386.83. <br />At said meeting, the Board charged that these resolutions are irrepealable <br />during the term of the loan and, pursuant to the District's bylaws, authorized the <br />President and Secretary, RESOLVED as follows. <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $1 ,907,386.83, and <br />2. to levy and collect assessments from the service area in an amount sufficient to pay <br />the annual amounts due under the Loan Contract, and to pledge assessment <br />revenues and the District's right to receive said revenues for repayment of the loan, <br />and <br />3. to place said pledged revenues in a special account separate and apart from other <br />DISTRICT revenues, and <br />4. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br />5. to execute all documents as required by the loan contract, including, but not limited to, <br />a Security Agreement and a Promissory Note, and <br />6. to take such other actions and to execute such other documents as may be necessary <br />to consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF <br />THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT <br />TO THE DISTRICT'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br />RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE DECEMBER 12, 2007. <br /> <br />(SEAL) <br /> <br />BY~~ <br /> <br />Brad HaQen, President <br /> <br /> <br /> <br />Appendix A to Loan Contract C150036 Amendment No.2 <br />