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<br />07/16/98 <br /> <br />16:0S____tr303 8~~, 4474 <br /> <br />CWCB <br /> <br />~-::'~ AG OFF1 CE <br /> <br />~ 002/003 <br />P.1::lI2 <br /> <br />'" <br /> <br />.... <br /> <br />RESOLUTION OF THE BOARD 01' DIRECIORS OF THE BUFFALO <br />MUTUAL lRRIGAnON COMPANY <br /> <br />~AS, on the 23" clay of September, 1997 the Board of Directors of the <br />Butralo Mutull1 Irrigal:ion Company <"Compllny") adopted a Resolution authorizing the <br />President and SCQ'l:taty to enter into a COntract with the State of Colorado Water <br />Conser'llalion Board ("CWCB") for the purptlse of borrowing money to reconstruct the <br />Buffalo headgate, and. <br /> <br />WlreREAS, at the time of the JIlid D1teetor's meeting, the total Cost of the project <br />WlI3 ~ec;ted to lie approJ;imate1y $326,500.00 necessitating a loan from the CWCB of <br />approximately $260,000.00, and <br /> <br />WBEkEAS, it has been determined based on bids received that the cost of the total <br />project would be approximately $505,000.00 necessitating a loan {rtlm the CWCB in the <br />lIInOunt tlfup to $400,00.00. <br /> <br />NOW, THEREFORE, BE IT RESOtVED that the Board of Directors hereby <br />ehuge that these Resolutions be irrepealable during the life of the loan once the loan <br />contract has been executed and hereby autho~es the President and Secretary llli follows: <br /> <br />1. RESOLVED, to enter into a COntract with the Colorado Water CtlnseJVation <br />Boan! ftlr a loan in the amount of up to $400,000, and to comply with all the terms of the <br />loan contract, and <br /> <br />2. RESOLVED, to make and I~ assessments sufficient to pay the amounts <br />for the annual loan payment and the deposit to the debt service reserve fund due under the <br />loan contract, and <br /> <br />3. RESOLVED, to place assesSlllent revenues pledged to make annual loan <br />payments and to make annual deposits to the debt service reserve fund in a special account <br />sepante and apart from Clther Company revenues. and <br /> <br />. 4. RESOLVED. to make annual paymentS and to make annual deposits to a <br />debt ser<icc reserve fund in accordance with the loan contract, and <br /> <br />5. RESOL \lED, to obtain a cenjficate of deposit to serve as collateral in the <br />amount of one annual loan payment, ($2 \,24J.19 or such other amount that may be <br />necessary to equal one annual loan payment not to e"-Ceed $25,000.00) lIS security for the <br />loan, and to execute an assignment of certilic:ate of deposit in accordance with the loan <br />contract., and <br /> <br />6. RESOLVED, to execute a security agreement to secure the reveT\ues <br />pledged. to repay the loan. <br /> <br />7. :RESOL YED, to take such other actions and to execute such other <br />documents as may be necessary or ronvenient to comply with the terms of the loan <br />contr8l:t_ <br />