PROJC01294 - Laserfiche WebLink

Home Browse Search

~, , , ~. , ') RESOLUTION OF THE STOCKHOLDERS OF '11lE BUFFALO MUTUAL IRRIGATION COMPANY WHEREAS, ~n the 10" day of March, t 997 the Stockholders of the Buffalo Mutual Irrigation Company ("Company") adopted a Resolution authorizing the Board of Directors to enter into a contract with the Slate of Colorado Water Conservation Board ("CWCB") for the purpose of borrowing money to reconstruct the Buffalo headgate, and WHEREAS, at the time of said annual meeting the total cost of the project was expected to be $326,500.00 necessitating a loan from CWCB of approximately $260,000.00, and WHEREAS, it has been detennined based on bids received that the costs of the total project would be approximately $505,000.00 necessitating a loan fi'om CWCB in the amount of up to $400,000.00, WHEREAS, said agreement requires that the Company raise twenty-five percent (25%) of the total project cost, and WHEREAS, said ajlreament also requires the employmeflt of a consulting engineer, contracting with a construction finn(s), and to do other things necessary for the completion of said project, NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors of the Buffalo Mutual Irrigation Company is hereby authorized to borrow the amount necessary to raise the twenty-five percent (25%) of the total funding of said project which may be necessary after reducing said amount by anY special assessments which have been or may be approved by the Shareholders for that purposes, and BE IT FURTHER RESOLVED that the Board of Director. is hereby authorized to take all actions which are reasonably necessary to comply with the termS of the agreement with the State.or to reasonably facilitate the construction of the project. ADOPTED this 5" day of December, 1997 by the Stockholders of the Buffalo Mutual Irrigation Company. BUFFALO MUTUAL IRRIGATION COMPANY BY~'~~cI /)~(w- L. BA S - PRESIDEN'J: ATTEST: BY:~~~' ~r.s~ R DNEY. OMPSON - S CRETARY