C153795 Contract

• Contract/PO #: C153795
• Contractor Name: Farmers Independent Ditch Company
• Contract Type: Loan
• Water District: 2
• County: Weld
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

!,:--1 /':\
RESOLU nON of the BOARD OF TRUSlcES
of the FARMERS INDEPENDENT DITCH COMPANY

Conceming a loan in amount of $55,000 from the State of Colorado Water Conservation'
Board (STATE), for the purpose of rehabilitating a portion of the ditch, the following
resolutions were adopted by the Board of Trustees of the Fa~ependent Ditch
Company (COMPANY), at their meeting held March 24, 1997, at, ' ~Colorado.
The Board of Trustees hereby charges that these resolutions be irrepealable during the life
of the loan and hereby authorizes the President and Secretary as follows:

1. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for a
loan in the amount of $55,000, and to comply with all the terms of the loan contract, and

2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the
annual loan payment and the deposit to the reserve debt service fund due under the
loan contract, and

3. RESOLVED, to place assessment revenues pledged to make annual loan payments
and to make annual deposits to the reserve debt service fund in a special account
separate and apart from other COMPANY revenues, and

4. RESOLVED, to make annual payments and to make annual deposits to a debt service
reserve fund in accordance with the loan contract, and

5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one
annual loan payment ($3,084.82) as security for the loan, and to execute an
assignment of certificate of deposit in accordance with the loan contract, and

6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay
the loan.

Adopted this 24th day of March 1997.

Farmers Independent Ditch Company

By

ATTEST:

Z/.,U(J ::n-
F. Otto, Corporate Secretary

Appendix 1 to Loan Contract C153795