C153804 Contract - Laserfiche WebLink

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F! \. ,. ~ \'-'.:' ...... CERTIFICATION OF ADOPTION OF RESOLUTION BY THE LEFT HANP DITCH COMPANY I, JOHN M. SCHLAGEL, secretary of the Left Hand Ditch Company, hereby certify that the following resolution was adopted by the Board of Directors of the Left Hand Ditch Company at its regular monthly meeililS held on July 15, 1998 authorizing the president and secretary of the Company to do the following with respect to the Loan Contract with Colorad Water Conservation Board ("CWCB"): Resolution 1. To borrow the sum of $560,000 from the CWeB on the terms and conditions set forth in the contract documents prepared by CWCB. 2. To enter into and comply with the terms of the contract and the promissory note; 3. To levy assessments in an amount sufficient to pay the annual amoUlltS due ude the contract, and to 'pledge assessment revenues and the Ditch Company's right to receive said revenues for repayment of the loan; 4. I To place the assessment revenues pledged to make annual loan payments in a special account separate and apart from the CotIlPany's other revenues in accordance with the pledge of property provisions of the contract 5. To make annual payments in accordance with the promissory note; 6. To make annual deposits to a debt service reserve fund in accordance with the pledge of property provisions of the contract; 7 . To pledge as collateral for the loan the Left Hand Valley Dam and Reservoir owned by the Company, and execute documentS necessary to convey a security interest in said property to the Colorado Water Conservation Board; and 8 . To e)l:ecut.e a security agreement and an assignment of deposit account as security to secure the revenue! pledged herein in accordance with the pledge of propeny proVisions of the contract. . '.", Appendix 1 (b) to Loan Contract C153804