C153808 Contract

• Contract/PO #: C153808
• Contractor Name: Arkansas Groundwater Users Association
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Bill Number: ARA
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS O~ THE MEMBERS
OF THE ARKANSAS GROUNDWATER USERS ASSOCIATION

The Members of the Arkansas Groundwater Users Association (Association), at a Members'
meeting held ~. }{. 11 q 7 , _, at 1/ ;.--t.cJ , Colorado, adopted the
following resolutions cOncerning a loan in ttfii ~tnount of $590,590 from the State of Colorado Water
Conservation Board (State), for the purpose of purchasing 1,007 shares of stock in the Excelsior
Irrigating Company.

At said meeting, the Members charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Association's bylaws, authorized the Board of Directors and officers as
follows:

1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board fo~ a loan in the amount of $590,590, and

2. RESOLVED, to levy and collect assessments from the members in an amount sufficient to pay
the annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Association's right to receive said revenues for repayment of the loan, and

3. RESOLVED, to place said pledged revenues in a special account separate and apart from other
Association's revenues, and

4. RESOLVED, to make the annual payments required by the promissory note and to make annual
deposits to a debt service reserve fund, and

5. RESOLVED, to execute all documents as required by the loan contract, including, but not limited
to, a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note,
and

6. RESOLVED, to convey a security interest to the CWCB in the 1,007 shares of the Excelsior
Irrigating Company purchased with the loan funds by executing and delivering a recorded deed
of trust, security agreement, and stock assignment to the CWCB, and

7. RESOLVED, to take such other actions and to execute such other documents as may be
necessary to consummate and implement the loan.

CERTIf'ICATION

THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE ASSOCIATION, HEREBY CERTIFY
THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
ASSOCIATION'S MEMBERS DULY CALLED AND HELD As ABOVE RECITED, PURSUANT TO THE ASSOCIATION'S
BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THEUf& DAY OF Fei:>yutU''j

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1998.

By

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Iifford G. Walter, Vice-President

(SEAL)

ATTEST:
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By A~A.J jhaU:;?b
Keith Beattie, Corporate Secretary

Appendix 1 to Loan Contract C153808