C153804 Contract

• Contract/PO #: C153804
• Contractor Name: Left Hand Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION

A RESOLUTION AUTHORIZING THE BOARD OF DIRECTORS OF THE LEFT HAND
DITCH COMPANY TO ENTER INTO A CONTRACT FOR A STATE OF COLORADO
CONSTRUCTION FUND LOAN FROM THE COLORADO WATER CONSERVATION
BOARD FOR ENLARGEMENT OF THE SPILLWAY CAPACITY AT LEFT HAND
VALLEY RESERVOIR.

Whereas, the Office of the State Engineer has ordered an increase in the capacity of
the spillway at Left Hand Valley Reservoir to increase the public safety; and

Whereas, the Left Hand Ditch Company seeks to obtain the most favorable financing
of the project; and

Whereas, according to Section 4 of Article VII of the By~Laws/ Articles of
Incorporation of the Left Hand Ditch Company the Board of Directors shall have the power
"to borrow money on the credit and responsibility of the Corporation, in such sums as they
may deem necessary or proper for all purposes previously authorized by the stockholders of
the Corporation"; and

Whereas, at the annual meeting of the stockholders of the Left Hand Ditch Company
held February 5, 1994 said stockholders approved a motion "... for the Ditch Board to pursue
the option of the rolling compacted concrete (sic), to negotiate the best financial deal
possible, and to give the Board financing power to approve any loans needed with the
maneuvering power to accept a more feasible way to complete the project if needed. "; and

Whereas, the total estimated construction cost for increasing the spillway capacity at
Left Hand Valley Reservoir including the actual construction and construction engineering is
$490,400; and

Whereas, the Left Hand Ditch Company has been approved by the Colorado Water
Conservation Board for a State of Colorado Construction Fund loan in the amount of
$370,000 (not to exceed 75 percent of the actual project costs) with a term of 30 years and
an interest of 4.375 percent; and

Whereas, the Colorado Water Conservation Board requires, as a precondition for
entry into a contract with the Left Hand Ditch Company for said loan, specific approval of
the loan amount, term and rate by the stockholders of the Left Hand Ditch Company;

NOW, THEREFORE, BE IT RESOLVED BY THE STOCKHOLDERS OF THE
LEFT HAND DITCH COMPANY:

1. That the Board of Directors of the Left Hand Ditch Company is authorized to
enter into a loan agreement with the Colorado Water Conservation Board for a State
Construction Fund loan in an amount not to exceed $370,000 for a term not to exceed 30
years and at an interest rate not to exceed 4.375 percent.