PROJC01055

• Contract/PO #: C153579
• Contractor Name: Highline Buzzard Ditch Company
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: SB 90-41
• Loan Projects - Doc Type: Contract Documents

RESOLUTION OF SPECIAL MEETING OF JULY 14. 1990
REGARDING, INTER ALIA: AUTHORIZATION TO CONTRACT LOAN DEBT AND
REPAYMENTS; AUTHORIZATION TO EXECUTE WARRANTY DEED AND SECURITY
AGREEMENT; AUTHORIZATION TO SIGN AND ENTER INTO CONTRACT WITH THE
STATE OF COLORADO'

WHEREAS, the Highline Buzzard Ditch represented bv Arza L. Mills
and Fred Feller and James M. Cole entered into discussions and
negotiations with the Colorado Water Conservation Board
Ihereafter "State") to secure a loan to repair the ditch; and,

WHEREAS, that entity has been replaced bv the Buzzard-Highline
Ditch Company, Inc., Iherefter "Company") a non-profit
corporation organized under the laws of Colorado; and,

WHEREAS. the Company has the authority under 3d of its Articles
of Incorporation to borrow money and to pay any indebtedness or
interest bv levYing assessments on the stock of the Companv; and
WHEREAS. the President and SecretarY-Treasurer have the authoritv
to sign all promissory nates and obligations and other contracts
under Section 6 and 8 of the Bv-laws of the Company; and,

WHEREAS,
contract
$65,000;

the Company and
known as "Project.
and!,

the State have prepared a proposed
Contract and Promissory Note" 34-04-00

WHERAS, the terms of the contract require that the Company take
all acts necessary to lawfully enter the contract and incur the
liability and repay the State, including: adoption of a
resolution approving the contract; the levy of assessments to
assure repavment to the State; and execution of security interest
and Warranty Deed in favor of the State; and setting aside
assessment revenues in a separate fund specifically and solely
for repayment of proposed contracted indebtedness.

RESOLVED BY THE BOARD OF DIRECTORS THAT:

1. The Comoany is
with the State to
Highline-Buzzard
shareholders.

authorized to enter into and sign a contract
borrow ~65,OOO for the ouroose of repairing the
ditch and protecting the interests of the

2. The President and Secretarv-Treasures are authorized to sign
such a contract. security interest, Deed of Trust and Warrantv
Deed on behalf of the Comoanv in the form set forth in the
Contract.

3. An assessment will be 8uthorized to be levied in a
manner and in an amount sufficient to assure repayment
State of the contract 108n including interest according
terms of the contract and promissory note.

timelv
to the
to the

Exhibit A & B