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<br />:"""\ <br />, . <br /> <br />RESOLUTION of the MEMBERS of the <br />PINON MESA RANCHES COMMUNITY ASSOCIATION <br /> <br />Conceming a loan in amount of $206,000 from the State of Colorado Water Conservation <br />Board (STATE), for the purpose of constructing a raw water system for irrigation, fire protection, <br />and other non-potable uses, the following resolutions were adopted by the Members of the <br />Pinon Mesa Ranches Community Association (ASSOCIATION), at a Members meeting held April <br />\ \ ,1997, at Ignacio, Colorado. The Members hereby charge that these resolutions be <br />irrepealable during the life of the loan and hereby authorize the Board of Directors as follows: <br /> <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation board for a loan <br />in the amount of $206,000, and to comply with all the terms of the loan contract, and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the annual <br />loan payment and the deposit to the reserve debt service fund due under the loan contract, <br />and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments and to <br />make annual deposits to the reserve debt service fund in a special account separate and <br />apart from other ASSOCIATION revenues, and <br /> <br />4. RESOLVED, to make annual payments and to make annual deposits to a debt service <br />reserve fund in accordance with the loan contract, and <br /> <br />5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one <br />annual loan payment ($11,554.05) as security for the loan, and to execute an assignment of <br />certificate of deposit in accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute the deed of trust as security required by the Slate in accordance <br />with the loan contract, and <br /> <br />7. RESOLVED, to execute a security agreement to secure the revenues pledged to repay the <br />loan. <br /> <br />Adopted this ~ day of Apri/1997. <br /> <br />Pinon Mesa Ranches Community Association <br />BYlk/1k c;t..~ <br />Charles A. Palmer, President <br /> <br />ATTEST' ~ ~ <br />By <::::J. f)~ "'- <br />Irene Palmer, Secretary <br /> <br />!\.,"' <br /> <br />,\ - --; - I <br />. ~ _n_. <br /> <br />Appendix A to Loan Contract #C153774 <br />