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<br />) '~ht A <br /> <br />July 19, 1991 <br /> <br />The minutes of the special meeting of the Board of Directors of the <br />Handy Ditch Company held July 19, 1991 at 9:00 A.M. at the Handy Ditch <br />Company office. Directors present were Dean Anderson, Tom Bein, C. R. <br />Schooley, and John Waggener. Also present were Laurie Anderson, <br />Secretary, and Paul Vaughan, a local attorney. <br /> <br />President John Waggener called the meeting to order. The following <br />resolutions were presented to the Board for their consideration: <br /> <br />RESOLUTION <br /> <br />A RESOLUTION TO ENTER INTO THE CONTRACT AND PROMISSORY NOTE WITH THE <br />STATE OF COLORADO TO BORROW AND REPAY STATE CONSTRUCTION MONIES FOR <br />REPAIRS TO HANDY RESERVOIR DAM (AKA WELCH DAM) OUTLET WORKS. <br /> <br />Whereas, the Handy Ditch Company applied to the Colorado Water <br />Conservation Board for $310,000 in Colorado State construction loan <br />monies to fund the replacement of the No. 1 Outlet Works on the Handy <br />Reservoir Dam and <br /> <br />Whereas, the State now desires to loan said money for the <br />construction of said project upon mutually agreeable terms and <br />conditions, subject tot eh availability of funding for that purpose; <br /> <br />NOW, THEREFORE, be it resolved by the Board of Directors of the Randy <br />Ditch Company: <br /> <br />1. That the Handy Ditch Company enter into the contract with the <br />State of Colorado and the Colorado Water Conservation Board, as the <br />agent for the state, to borrow the total sum of Three Hundred Ten <br />Thousand Dollars ($310,000), which includes the project loan amount <br />and the Six-Thousand-Dol1ar ($6,000) feasibility report amount, <br />together with interest at the rate of five percent (5\) per annum. <br /> <br />2. That the President and the Secretary have the authority to <br />repay this loan in constant annual installments of Twenty Thousand One <br />Hundred Fifty-Five Dollars and Ninety Cents ($20,155.90) each for <br />thirty (30) years, <br /> <br />3. That the Handy Ditch Company: <br /> <br />a. make and levy assessments sufficient to payoff this <br />contract loan pursuant to its terms and to discharge this lawful <br />indebtedness, <br /> <br />b. set aside this assessment revenue in a special fund <br />separate and apart from other Handy Ditch revenues to assure repayment <br />of this revenue to the State, and <br /> <br />c. sign a security interest in such assessment revenues in <br />favor of the State to secure the repayment. <br />