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I I I I I I I I I I I I I Page 5 of6 maintained at each existing and new Delivery Point. 8.4. New or Relocated Delivery Points. New or relocated delivery points shall be approved by the Board and the Member or applicant shall pay the costs for installation. Article IX. Repairs and Improvements to the Ditch. 9.1. Repairs. Non-emergency repairs that can be anticipated will be estimated in the annual budget and submitted for the approval of the Members at the annual Membership Meeting. 9.2. Emergency Repairs. If emergency repairs are necessary to prevent damage, the Board may take such actions as necessary to prevent or repair such damage. Any such actions taken are required to be ratified by the Members at the earliest convenient time. Annual dues and/or Special Assessments may include requirements for an emergency repair fund. 9.3. Major Improvements. A majority of Members may vote to pursue a feasibility analysis of a proposed major improvement. If a feasibility analysis is approved, a committee may be appointed, and company funds and resources may be expended to address all aspects of the proposed improvement, including design, construction, and financing. The Committee shall present the feasibility analysis to the Members at a regular or special meeting. The analysis shall address various funding and cost-sharing alternatives to accomplish the proposed major improvement, and the project will be further pursued on the majority vote of the Members, either in person or by proxy. Before the Major Improvement is constructed, sufficient funding and other contributions to complete the project shall be secured. If the Major Improvement is constructed, participating Members shall sign a Funding Agreement that states the nature and amount of their share of the improvement costs. A Member's contribution will be determined by negotiation between the Board and the Member. A Member's share may be any combination of labor, in-kind contributions, funding, or other measure that works toward the completion of the project. The final obligation of a Member must be agreeable to the Member and confirmed by the Member's signature on the Funding Agreement. The Funding Agreement for a Major Improvement shall set forth: 1) the estimated cost of the work, including any overruns that may occur, 2) the method for sharing the cost, 3) volunteer and in-kind 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. I I I I I Article X. Funding of Expenses. 10.1. Annual Dues. Annual Dues in an amount set by the Board and equal for all Members 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 April of each year. 10.2. Additions and/or Improvements. Costs for Additions and/or Improvements to the Ditch shall be assessed to Members pursuant to a Funding Agreement. 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, voting rights for the Membership shall be suspended until the Member is in full compliance with the payment obligations. When any Member is in default over 60 days, water delivery to that member will cease 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, I