C150205 Feasibility Study

• Contract/PO #: C150205
• Contractor Name: Veits Pipeline Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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2.5 The Initial Members agree to share in common their respective individual rights to
access and use the head gate, the point of diversion and easements for the Ditch with
the Company in order for the Company to manage the Ditch on behalf the Membership.
The Company may, in turn, make its shared access and use of the head gate, point of
diversion and easements for the Ditch available to a lender to secure financing.

Article III. Meetings of Members
3.1. Annual Meeting, An annual meeting of the Members will be held on the first Tuesday in
March of each year, or other date as stated in the meeting notice, for the purpose of
electing Directors and for the transaction of such other business of the Company.
3.2. Special Meetings. Special meetings of the Members may be called by the President, the
Board of Directors, or at the request of at least two Members.
3.3, Notice of Meetings. Written notices stating the place, day, and hour of any meeting of
Members will be delivered by an officer, either personally or by mail, to each Member, at
least 10 days before the date of the meeting. The purposes of the meeting and the
agenda will be stated in the notice.
3.4. Informal Action by Members. Any action that may be taken at a meeting of the
Members, except election of directors and amendment of bylaws, may be taken without a
meeting if a consent in writing, setting forth the action taken, is signed by all of the
Members entitled to vote. Informal actions may be made by phone poll with a written
record of the results, and such actions are to be ratified at the next meeting of Members.
3.5. Quorum. A quorum consists of a majority of the Members of the Company. If a quorum
is not present, a majority of Members present may adjourn the meeting to another time
without further notice.
3.6. Proxies. At any meeting of Members, a Member entitled to vote may vote by proxy
executed in writing and dated by the Member. No proxy will be valid for more than
eleven months.
3.7. Manner of Acting. A majority of votes, either in person or by proxy, shall decide a matter
brought to the Members, unless a greater proportion is required by these bylaws. All
meetings of the Members are to be managed in a businesslike but informal manner, and
Robert's Rules of Order shall apply if needed.
3.8, Order of Business. The order of business at the annual Membership meetings and
other meetings as applicable, will be conducted as follows: roll call, proof of quorum,
approval of minutes, nominations for election of Directors, presentation of reports,
approval of budget, payment of expenses, unfinished business, new business, election of
Directors, and adjournment.

Article IV. Rights and Obligations of Members
4.1. Right to Receive Water. A Member of the Company has the right to request the
Company to receive their irrigation water, including Adjudicated Water and Project Water,
on the Member's behalf and to convey and deliver the water to the Member's Point of
Delivery subject to any applicable restrictions.
4.2, Regulation of Flows. The Company will regulate flows and deliveries of irrigation water
in the Ditch so that the correct amount of water is delivered to each Member based upon
the priorities of Adjudicated Water and availability of Project Water.
4.3, Contributions. Each Member has the right and obligation, through volunteer or in-kind
contributions, to help keep the Ditch in good repair in order to benefit all Members and
the Company. The Members will not be paid for work or other contributions unless
approved by the Board. The Board may enter into contracts with Members (including
Directors) to perform work for the Company, and may ratify acts performed by a Member
as a reimbursable expense.
4.4. Compliance. The Members are obligated to comply with these Bylaws, the Declaration,
any other applicable rules and regulations, and to timely pay approved dues and
assessments, and act as responsible stewards of the Company and its assets.

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