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<br />I;':'::~) <br /> <br />( <br /> <br />) <br /> <br />(1111 ) <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF <br />THE SUMMIT RESERVOIR AND IRRIGATION COMPANY <br /> <br />The following resolutions were (unanimously) adopted by the Board of Directors, of the <br />Summit Reservoir and Irrigation Company (here after referred to as the Borrower), at a <br />meeting of the Board of Directors held Jon 11 1994 at ~ <br />Dolores , Colorado. <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the Borrower <br />to contract for this loan debt, and authorizes the President and the Secretary <br />to pay the indebtedness on behalf of the Borrower, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the Borrower <br />to execute the deed of trust as security required by the State, as specified in <br />the Deed of Trust provisions of this contract, and <br /> <br />c. RESOLVED, that the Board of Directors hereby authorizes the Borrower <br />to make and levy assessment(s) sufficient to payoff this contract loan <br />pursuant to its terms and to discharge this lawful indebtedness, and <br /> <br />d. RESOLVED, that the Board of Directors hereby authorizes the Borrower <br />to set aside this assessment revenue in a special fund separate and apart from <br />other Borrower revenues to assure repayment of this revenue to the State, and <br /> <br />e. RESOLVED, that the Board of Directors hereby authorizes the Borrower <br />to sign a security interest in such assessment revenues in favor of the State to <br />secure the repayment. <br /> <br />Dated this /31 h day of ~ <br /> <br />, 199.1 <br /> <br />ATTEST: <br /> <br />/&tv,wl 0 L'i:;<-i <br />(Secret ) , <br /> <br /> <br />ES RVOIR AND IRRIGATION COMPANY <br /> <br />B' <br /> <br />C\wpSl\SUMMIT.reo <br /> <br />EXHIBIT A <br />