C150143 Contract - Laserfiche WebLink

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RESOLUTIONS OF THE SHAREHOLDERS OF THE WILLOW HEIGHTS IRRIGATION COMPANY The Shareholders of the Willow Heights Irrigation Company (Company), at a Shareholders' meeting held June 12, 2003, at Hotchkiss, Colorado, adopted the foUolfoling resolutions concerning a secured loan from the State of Colorado Water Conservation Board (eWeS), for the purpose of rehabilitation of the dual (secondary) irrigation water system, in the amount of $103,500 or such actual amount, more or less, as may be needed by the Company and available from the ewes, in addition to the ewes's loan service fee of 1% of the loan amount. At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, RESOLVED as follows: 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount of $103,500, or such actual amount, more or less, as needed to finance the project costs, plus the CWCS's loan service fee of 1%, and 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the Loan Contract, and to pledge assessment revenues and the Company's right to receive said revenues for repayment of the loan, and 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, and 4. to make the annual payments required by the promissory note and to make annual deposits to a debt service reserve fund, and 5. to pledge as collateral the Company's property consisting of approximately 15,000 square feel and 15 shares of Duke Ditch Company stock and to execute a deed of trust to convey a security interest to the ewcs in said property and shares, and 6. to execute all documents as required by the loan contract, including, but not limited to, a Security Agreement and a Promissory Note, and 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. CERTIFrcA TION THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. GIVEN I R HANDS AND THE SEAL OF THE COMPANY THE~ATE OF JULY 2003. , RIG - (:,y.....i\Po.,"...~J>.. I~..CP -"'):..0 .:::.:': ~..~ ~, . ~. ~Ji' .n O~STI1-J- 1~ ..-',. .....'b -:;::;:. ..- A '. .OR>!f,.,~ ..... \- B~od v'h.-<d Man J. Duclo, President Appendix 3a to Loan Contract C150143