Laserfiche WebLink
<br />'8) <br /> <br />r- <br />. . . ~ <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE CONSOLIDATED EXTENSION CANAL COMPANY <br /> <br />Concerning a loan in an amount not to exceed $400,000 from the State of Colorado Water <br />Conservation Board (State), for the purpose of rehabilitation the siphon running under the <br />Purgatoire River, the following resolutions were adopted by the Board of Directors of the <br />Consolidated Extension Canal Company (Company), at their meeting held December 6, 1996, at <br />Las Animas, Colorado. The Board of Directors hereby charge that these resolutions be <br />irrepealable during the life of the loan and hereby authorizes the President and Secretary as <br />follows: <br /> <br />a. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for a <br />loan in an amount not to exceed $400,000, and to comply with all the terms of the <br />contract, and <br /> <br />b. RESOLVED, to levy assessments in an amount sufficient to pay the annual amounts <br />due under the contract, and <br /> <br />c. RESOLVED, to place the assessment revenues pledged to make the annual payments <br />and to make annual deposits to a debt service reserve fund in accordance with the <br />Pledge of Revenues Provisions of the contract, in a special account separate and apart <br />from other Company revenues, and <br /> <br />d. RESOLVED, to make annual payments in accordance with the Promissory Note <br />Provisions of the contract, and to make annual deposits to a debt service reserve fund in <br />accordance with the Pledge of Revenues Provisions of the contract, and <br /> <br />e. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of <br />one annual loan payment as security for the loan, and execute an assignment of <br />certificate of depOSIT as described in the Collateral Provisions of the contract, and <br /> <br />f. RESOLVED, to execute a Security Agreement to secure the revenues pledged in <br />accordance with the Pledge of Revenues Provisions of the contract. <br /> <br />Dated this 6th day of December 1996. <br /> <br />Consolidated Extension Canal Company <br /> <br />By ~1C ~'&.I,{;, <br />President U <br /> <br />ATTEST: <br /> <br />BV1'1J~4i1~ <br /> <br />Appendix A to Contract #C153747 <br />