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<br />I <br />RESOLUTIONS OF THE BOARD OF D1REC i ORS <br />of The Glenwood Irrigation Company <br /> <br />The Board of Directors of The Glenwood Irrigation Company (Company), at a <br />meeting held February 16, 2002, at Glenwood Springs, Colorado, adopted the following <br />resolutions concerning a loan in the amount of up to $85,000 from the State of <br />Colorado Water Conservation Board (CWCB), for the purpose of rehabilitation of the <br />Glenwood Ditch diversion and headgate, in the amount of $85,000 or such actual <br />amount, more or less, as may be needed by the Company and available from the <br />CWCB. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during <br />the term of the loan and, pursuant to the Company's bylaws, authorized the President and <br />Corporate Secretary, RESOLVED as follows. <br /> <br />1, To enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $85,000, or such actual amount, <br />more or less, as needed by the Company for the Project and available from the <br />CWCB, and <br /> <br />2, To levy and collect assessments from the Stockholders in an amount sufficient to <br />pay the annual amounts due under the loan Contract, and to pledge assessment <br />revenues and the Company's right to receive said revenues for repayment of the <br />loan, and <br /> <br />3, To place said pledged revenues in a special account separate and apart from other <br />COMPANY revenues, and <br /> <br />4, To make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br /> <br />5, To execute a deed of trust to convey a security interest to the CWCB in certain <br />property owned by the Company, and <br /> <br />6. To execute all documents as required by the loan contract, including, but not limited <br />to, a Security Agreement and a Promissory Note, and <br /> <br />7. To take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan, <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY <br />CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD I'S ABOVE RECITED, <br />PURSUANT TO THE COMPANy'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br />RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 16TH DAY OF FEBRUARY 2002. <br /> <br />(8 EAL) <br /> <br />ByL;:b T i2 <br /> <br />Carter T, Jackson, President <br /> <br />ATTEST: <br /> <br />BY~ <br />Raymond F. <br /> <br /> <br />.<L. <br /> <br />Appendix 3 to Loan Contract C150086 <br />