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<br />" <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE CEDAR MESA DITCH AND RESERVOIR COMPANY <br /> <br />The Board of Directors of the Cedar Me.l!a ,Qitc!;l and Reservoir Company (Company), at a <br />meeting held February ::2..1 , 2002, at E'e1ffi'ftZ:olorado, adopted the following resolutions <br />concernin~ a loan in the amount of up to $100,000 from the State of Colorado Water <br />Conservation Board (CWCS), for the purpose of rehabilitation of the Cedar Mesa Dam. U <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, RESOLVED as follows. <br /> <br />1. To enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $100,000, or such actual amount, more or less, as needed <br />to finance project costs, and <br /> <br />.2. To levy and collect assessments from the shareholders in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right t6receive said revenues for repayment of the loan, and <br /> <br />3. To place said pledged revenues in a special account separate and apart from other COMPANY <br />revenues, and <br /> <br />4. To make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br /> <br />5. To execute a deed of trust to convey a security interest to the CWCS in certain property <br />Dwned by the Company, and <br /> <br />6. To execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br /> <br />7. To take such other actions and to execute such other documents as may be necessary to_ <br />consummate amtimplement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />. COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE .23 dDAy OF FEBRUARY 2002. <br /> <br />By <br /> <br /> <br />(SEAL) <br />ATTEST: <br />~ob~s~~retary <br />