C150002 Contract

• Contract/PO #: C150002
• Contractor Name: Grand Valley Water Users' Association
• Contract Type: Grant
• Water District: 0
• Bill Number: SB 97-8
• Loan Projects - Doc Type: Contract Documents

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MInutes Of The Board Of Directors Meeting
Grand Valley Water Users Association
January 9,1597

President Archuleta called the meeting to order at 7:03 PM at the
Construction Division Office. wtth Director5 Archuleta, Albertson, Bunigor,
Cronk. Currier. Manner. Pitts, Rossi, Thompson and Wells present. Also
present were Messrs Conrad, Harper and Proctor of the Association staff.
During the meeting the following busIness was conducted.

1. The minutes of December 5,1996 were approved on motion by Director
Mannel. Motion was seconded by Director Suniger and carried.

2. Association attom~y, Mark Hamilton mWlIIiams. Turner and Holmes. P.C.,
was present to review for the Board the proposed stipulated settlement 1hat
has been worked out between opposers and the applicants of the City I County
of Denver Dillon Reservoir Refill Waler Right (Case No. 87CW37S). Mr.
Hamilton stated that the settlement proposal limited Denver to a lesser amount
of water than the amount engineering experts agreed was actually available for
Denver to claim. Also, the use of the said water right would be mostly for flood
control on the Blue River. On motion by Director Currier, the Board authorized
approvar of the proposed stipulated .sattrement of Case No. 87CW376 as
presented with authorization given to the Manager of the Association, the
. President of the Board and the Association's legal counsel to negotiate any
minor details that may arise before final acceptance is given by all parties
involved.. Motion was seconded by Director Mannel and ~rried unanimously.

3. Mr. David Soderborg of Norwest Investments Services. Inc. was present to
describe for the Board how Association funds nOW held in several different
. banks could be combined to purchase either U. S. Treasury Bills, Notes or
Bonds. The Association now has accoums .in some eighteen different banking
Institutions in order to stay Within the one-.hundred thousand dollar limit to be
fully insured by the FDIC. The implemen1ation of branch banking in Colorado
In recent years has decreased the availability of banks In which to deposit
money and still have deposits fully insured by FDIC. Mr. Soderborg stated that
all funds invested for the Association wourd be held in the Association's name
as full faith documents secure as any held with FDIC insuranc;;ed ac;:c;ounts
while r~eivin9 higher interest rates than pass book savings accoun1s. Such
investing of available Association funds received favorable Board response.
However, the Board's consensus was to delay approval of SUQ1 investments
until after the annual stockhOlder's meating of February 11. 1 S97.