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<br />J4J/-~~/V~() <br />. 9~ <br />RESOLUTION OF THE BOARD OF. DIRECTORS Co~"a. r99B <br />OF THE APPLETON ML350 DITCH COMPANY, INC. "'<,. <br /> <br />WHEREAS. in accordance with the By-Laws of the Appleton Ml 350 Ditch Company. Inc.. <br />ARTICLE VI. Section 2. -No loans shall be contrac:tecl on behalf of the corporation and no evidence <br />of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. <br />and such .authorlty may be general or confined to specific Instances.. and <br /> <br />WHEREAS, by a vote of the Stockholders of the Appleton ML350 Ditch Company <br />ICOIIPORATlONl. the CORPORATION desires to borrower funds from the State of Colorlldo Water <br />Conservlltion Board (STATEI. for the purpose of enclosing existing ditch in pipeline for salinitY control. <br />and <br /> <br />WHEREAS. the following resolutionS were adopted by the Board of Directors in accordance <br />wlth the vow of the Stockholde... at their meeting held January 8. 1996, at Grend .Junction. <br />Colorado. and <br /> <br />WHEREAS. the following resolutions are irrepealable during the life of the loan. <br /> <br />The Board of Directors herebY autho.rize. the Corporation IS follows; <br /> <br />a. RESOLVED. to contract for the loan debt, and authorize the President and the Secretary <br />to pay the indebtedness on behalf of the CORPORATION in accordance with the terms of the <br />contracts entered into with the STATE. and <br /> <br />b. RESOLVED. to authorize the President and Secretary to execute the deeds of trUst as <br />security required by the STATi as may be required by the loan contracts. and <br /> <br />c. RESOLVED. to make and levy assessments sufficient to payoff the loen contracts pursuant <br />to their terms end to disl;:harge this 11Iwful indebtedness, and <br /> <br />d. RESOLVED. to sat aside the assessment r.venue in II spel;:lal fund. separate and apart from <br />other COllPORATlON revenues to assure repayment of this revenue to tho STATE, and <br /> <br />e. RESOLVED. to authorize the President and Secretary to execute Uniform Commercial Code <br />Security Agreement and Financing Statements to pledge such assessment revenues in favor <br />of the STATE to secure the repayment of the 108ns .to the STATi. <br /> <br />Dated this -Ii- day of January. 1996 <br /> <br /> <br />By <br /> <br />350 Ditch Company, Inc. <br /> <br />~~..d <br /> <br /> <br />APPENDIX A <br />