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<br />.~ . . <br />""L:'~ <br /> <br />o <br /> <br />f.:' .1 <br /> <br />Z- <br /> <br />BOARD OF DIRECTORS <br />KINGS ROW HOMEOWNERS ASSOCIATION <br />RESOLUTION <br />SERIES OF 1994 <br /> <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE KINGS ROW <br />HOMEOWNERS ASSOCIATION FOR THE PURPOSE OF APPROVAL OF A <br />LOAN AGREEMENT WITH THE STATE OF COLORADO AND THE <br />COLORADO WATER CONSERVATION DISTRICT FOR THE PROPOSED <br />CONSTRUCTION OF A RAW WATER IRRIGATION SYSTEM <br /> <br />WHEREAS, the Kings Row Homeowners Association ("Association") will enter into a <br />Loan Agreement with the State of Colorado and the Colorado Water Conservation Board <br />(hereinafter "State"), for the purposes of constructing a raw water irrigation system; and <br /> <br />WHEREAS, the Board of Directors has approved a levy of annual assessments to pay <br />the indebtedness and to provide the security required by the State. <br /> <br />NOW, THEREFORE, BE IT IS RESOLVED BY THE BOARD OF DIRECTORS <br />OF THE KINGS ROW HOMEOWNERS ASSOCIATION THAT: <br /> <br />1. The Association will borrow a, maximum of Seventy-Five Thousand Dollars <br />($75,000) from the State at an interest rate of four and tIITee-quarters percent (4-3/4%) per <br />annum, for a duration of twenty (20) years. <br /> <br />2. The Board of Directors will execute a Deed of Trust as security for this loan, the <br />collateral for which shall be all real-property owned by the Association. <br /> <br />3. Annual assessments will be levied sufficient to repay the annual amounts due <br />under the loan contract. The amount of the annual assessment will be dependent upon the <br />amount of the loan. However, in no event will the annual assessment for all lots, for purposes <br />of loan repayment, exceed a total of Five Thousand Eight Hundred Ninety-One Dollars and <br />Twenty-Nine Cents ($5,891.29), which amount includes the principaI and interest due on the <br />principal amount of a $75,000 loan. . <br /> <br />4. All monies collected from the assessments each year will be placed in a special <br />fund, separate and apart from dther'Homeowners Association revenues, to assure repayment of <br />this loan to the State. <br /> <br />5. The Board of Directors will sign a security interest in the revenues pledged herein <br />in favor of the State to secure the repayment of this loan to the State. <br /> <br />F:\FILES\KINGS.2RS <br />Octo"" 13. 1994 <br /> <br />APPENDIX A <br />