PROJC00814

• Contract/PO #: C150034
• Contractor Name: Owl Creek Supply and Irrigation Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: HB 00-1419
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE SHAREHOLDERS

OF THE OWL CREEK SUPPLY AND IRRIGATION COMPANY

The Shareholders of the Owl Creek Supply and Irrigation Company (Company), at a Shareholders'
meeting held "bee. ~,lqqq, ~, at Eaton, Colorado, adopted the following resolutions
concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the
purpose of rehabilitation of the Owl Creek ditch hydraulic structures, in the amount of $450,000 or
such actual amount, more or less, as may be needed by the Company and available from the CWCB
for up to 90% of the actual project costs.
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 $450,000, or such actual amount, more or less, as needed to
finance up to 90% of the project costs, 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 obtain a certificate of deposit in the amount of one annual loan payment to serve as collateral
and to execute an Assignment of Certificate of Deposit, and
6, To execute a deed of trust to convey a security interest to the CWCB in certain property owned
by the Company, and
7, To execute all documents as required by the loan contract, including, but not limited to, a Security
Agreement and a Promissory Note, and
8. To take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
- -------~---~-~------ -CERTlFTCATTO~_u------- -~ --- -------,--- .

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 HA N AMENDED Of9~ESCINDED.
GIVEN UNDER OUR HANaS AND THE SEAL OF THE COMPANY THE OF ::J1:/y 2001.

(S EAL)

B

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By'

Appendix 1a to Contract No. C150034