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C153771 Contract
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C153771 Contract
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Last modified
3/7/2013 2:09:31 PM
Creation date
10/6/2006 12:16:55 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153771
Contractor Name
Horse Creek Water Users Association
Contract Type
Loan
Water District
17
County
Crowley
Bill Number
HCL
Loan Projects - Doc Type
Contract Documents
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<br />. ..~ <br /> <br />RESOLUTION of the BOARD OF DIRECTORS <br />of the HORSE CREEK WATER USERS ASSOCIATION <br /> <br />Concerning a loan in the amount of up to $825,000 from the State of Colorado Water Conservation <br />Board ("CWCB") to finance the purchase of certain water rights from the Box Springs Canal and <br />Reservoir Company and individual shareholders of the Box Springs Canal and Reservoir <br />Company, the engineering and legal costs of setting up and adjudicating an augmentation plan, <br />and the costs associated with obtaining operating agreements to facilitate said augmentation plan, <br />the Board of Directors of the Horse Creek Water Users Association ("HrUA") adopted the <br />following resolutions at a meeting held on / ( - 0L5 ,1997 at I} US , Colorado. <br />The Board of Directors hereby charges that these resolutions shall be irrepealable for the term of <br />the loan, hereby resolves to set and levy in an amount sufficient to pay the annual amounts due on <br />said loan, and hereby authorizes the President and Secretary as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract and promissory note with <br />the Colorado Water Conservation Board for a loan in the amount of up to $825,000 ("Loan <br />Contract") and to pay the indebtedness; and <br /> <br />2. RESOLVED, to pledge certain assessment revenues ("Pledged Revenues") and the HCWUA's <br />right to receive such assessment revenues from its members for repayment of the loan; and <br /> <br />3. RESOLVED, to place the Pledged Revenues in a special account separate and apart from <br />other HCWUA revenues; and <br /> <br />4. RESOLVED, to make annual loan payments in accordance with the promissory note; and <br /> <br />5. RESOLVED, to execute an Assignment of Deposit Account as Security and a Security <br />Agreement to secure the Pledged Revenues and the HCWUA's right to receive those <br />revenues; and <br /> <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral for the loan in the amount of <br />one annual loan payment ($35,691.46), and to execute an Assignment of Certificate of <br />Deposit; and <br /> <br />7. RESOLVED, to execute a security agreement and an Assignment of Escrow Account as <br />Security to convey a security interest to the CWCB in the loan funds contained in the escrow <br />account prior to closing on the water rights; and <br /> <br />8. RESOLVED, to execute and record deed(s) of trust to convey a security interest to the CWCB <br />in the water rights purchased with the proceeds of the loan; and <br /> <br />Adopted this h2:5 day of ;f/tflt/ 1997. <br /> <br />The Horse Creek Water Users Association <br /> <br />By <br /> <br /> <br />SEAL <br /> <br />ATTEST: <br /> <br />~-ef~---- <br /> <br />. I orman Summers, Secretary-Treasurer <br />
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