C150200 Feasibility Study

• Contract/PO #: C150200
• Contractor Name: Sheek Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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contributions of the Members, 4) outside funding assistance, 5) special
agreements with any Member, and 6) the proposed schedule for conduct
of the work and payment of services by the Company.

Article X. Funding of Expenses.
10.1. Annual Dues. Annual Dues in an amount set by the Board may be
charged to the Members to cover normal costs of doing business of the
Company including budgeted repairs and reserve funds, according to the
budget approved at the annual Membership Meeting. The Company shall
issue a statement for annual dues in the month of March of each year.
10.2. Improvement Agreements. Payment for Major Improvements shall be
made according to an Improvement Agreement. Depending on the nature
of the cost or expense, the Improvement Agreement may provide: 1) for
the payment of the expense on an estimated cost basis and/or progress
payment basis, and 2) how the costs not otherwise funded will be paid or
provided for by the Members.
10.3. Fees. The Board may establish a fee schedule and amend it from time to
time for the purpose of recovering administrative and other costs for
Company actions and services.
10.4. Payment of Dues, Improvement Agreements, and Fees. Dues,
Improvement Agreements, and Fees shall be payable as directed by the
Board, and may be prorated if applicable, and unsecured promissory
notes with interest may be allowed.
10.5. Default. A member shall be in default when payment is not received as
directed by the Board for charges properly billed to the Member. The
Board may adopt policies and amend them from time to time regarding
late fees and interest to be charged in the event of default. When any
Member is in default over 30 days, water delivery shall be ceased and
voting rights for the Membership shall be suspended until the Member is in
full compliance with the payment obligations.

Article XI. General Provisions
11.1. Books and Records. The Company shall keep correct and complete
books, records, and minutes of the proceedings of the Members, the
Board, and Committees, and shall keep at its principal office a record of
the names and addresses of the Members and their entitlement to vote.
All books and records of the Company may be inspected by any Member
at any reasonable time.
11.2. Fiscal Year. The fiscal year of the Company shall begin on the first day of
January and end on the last day of December in each year.
11.3. Settlement of Disputes. A Member may file a complaint in writing with
the Board regarding a dispute with the Board, any other Member, or the
Company, and the Member may request assistance from the Mancos Soil
Conservation District Board in resolving the dispute. The parties to the
dispute shall submit the matter to a qualified mediator or arbitrator outside
of the Company prior to filing any legal action.