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

RESJUTION OF THE BOARD OF DIro\:~rORS
OF THE ARKANSAS GROUNDWATER USERS' ASSOCIATION

The Board of Directors of the Arkansas Groundwater Users' Association (Association),
at a meeting held January 20, 1998, at Manzanola, Colorado, adopted the following
resolutions concerning a loan in the amount of$590,590.00 from the State of Colorado
Water Conservation Board (CWCB), for thqmrpose of purchasing 1,007 shares of stock
in the Excelsior Irrigating Company.

At said meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Association's bylaws, authorized the Vice President and
Corporate Secretary as follows.

1. RESOLVED, to enter into and comply with the terms of a contract with the
Colorado Water Conservation Board for a loan in the amount of $590,590.00.

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 n:venues in a special account separate and
apart from other Association's revenlles, 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.

CERTIFICA nON

THE UNDERSIGNED, THE VICE PRESIDENT AND THE CORPORATE SECRETARY,
RESPECTIVELY, HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT
COPIES OF RESOLUTIONS SUL Y ADOPTED At A MEETING OF THE ASSOCIATION'S BOARD
OF DIRECTORS 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 THF) .iPBA Y OF Jc-.-,
1998.

By 1~1f~

Secretary-Treasurer

,,~4!J.J!/;

. e President