Laserfiche WebLink
<br />-, <br /> <br />RESOLUTION <br /> <br />A RESOLUTION CONCERNING A LOAN IN <br />THE AMOUNT OF $45,000.00 FROM THE STATE OF <br />. COLORADO WATER CONSERVATION BOARD ("STATE"), <br />FOR THE PURPOSE OF REHABILITATING THE TREMONT <br />MUTUAL DITCH COMPANY'S ("COMPANY") RIVER <br />DIVERSION STRUCTURE, ADOPTED BY THE SHAREHOLDERS <br />OF THE COMPANY AT A SPECIAL MEETING OF THE SHAREHOLDERS <br />HELD ON JUNE 21, 1996, AT SNYDER, COLORADO, <br /> <br />RESOLVED: The shareholders hereby authorize and direct the Board of <br />Directors to: <br /> <br />a) Execute'and deliver the Loan Contract and Promissory Note to and <br />with the Colorado Water Conservation Board for a loan in the amount of $45,000.00, <br />and to comply with all the terms of the Loan Contract; and <br /> <br />b) Pay the indebtedness on behalf of the Company; and <br /> <br />c) Execute and deliver the Conditional Assignment of Contract <br />Proceeds as required by the State to provide the security specified in the collateral <br />provisions of the Loan Contract and Promissory Note; and <br /> <br />d) Make and levy assessments sufficient to repay the annual amount <br />due under the terms of the Loan Contract and Promissory Note and to establish a <br />debt service reserve fund by making an annual deposit equivalent to one-tenth of <br />an annual payment every year for ten years, and to replenish that fund at any time <br />that it is depleted; and <br /> <br />e) Set aside this assessment revenue and revenues from handling fees <br />paid to the Company by Pioneer Water & Irrigation, Inc. in a special fund separate <br />and apart from other Company revenues in an amount sufficient to assure <br />repayment of such debt to the State; and <br /> <br />f) Execute and deliver Uniform Commercial Code Security <br />Agreements and Financing Statements in accordance with the pledge of revenue <br />provisions of the Loan Contract and Promissory Note to secure the assessment <br />revenues and revenues from handling fees paid to the Company by Pioneer Water <br />& Irrigation, Inc. in favor of the State to secure the repayment of the loan to the <br />State; and <br /> <br />g) Not repeal this Resolution during the term of the Loan Contract. <br /> <br />[END OF RESOLUTION] <br />