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C150255 Feasibility Study
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C150255 Feasibility Study
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Last modified
6/15/2011 9:16:57 AM
Creation date
7/28/2008 3:04:59 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150255
Contractor Name
Bijou Irrigation Company
Contract Type
Loan
Water District
1
County
Morgan
Weld
Loan Projects - Doc Type
Feasibility Study
Supplemental fields
Water Division
1
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<br />the Company's estimate to make a deposit with the Company for the entire amount of the cost <br />estimate. No further action on the Change Application shall be taken by the Company and/or <br />Board until such deposit is made. If the Applicant fails to make the deposit within sixty (60) <br />days of receipt of the Company's cost estimate, the Change Application shall be deemed to be <br />withdrawn. Under such circumstances, the Applicant must submit a new Change Application <br />in order to have it considered again by the Company, and the new Change Application shall <br />be subject to all of the provisions set forth in this Article XVII. If the actual costs of the <br />Company exceed the initial estimate, the additional costs shall also be billed to and paid by <br />the Applicant. The Company shall not be required to finally approve or deny any Change <br />Application until all expenses incurred by the Company as part of the evaluation process have <br />been reimbursed. If, after the Company has taken final action on the Change Application and <br />all related litigation has been completed, there are unused funds remaining from the <br />Applicant's deposit, said funds shall be returned to the Applicant. In the event that the <br />Applicant should fail to pay the Company for all costs of a Change Application as provided <br />above, all such unpaid costs shall become an assessment against the shares of the Company <br />owned by the Applicant, and shall be subject to the same collection and forfeiture provisions <br />as are other delinquent assessments, as set forth in these by-laws. <br />Section 5. Prior to taking any final action on the Change Application, the Board shall <br />schedule a meeting with the Applicant to discuss openly, fairly, and candidly the Application, <br />the terms and conditions proposed by the Applicant, any comments of the Board, and any <br />additional terms and conditions that the Board believes are necessary to prevent injury to the <br />Company and its shareholders. If, in its reasonable discretion, the Board determines that other <br />shareholders should receive notice of the Change Application, it shall provide such notice to <br />those shareholders and give them an opportunity to provide comments to the Board prior to <br />taking any final action on the Change Application. In the reasonable discretion of the Board, <br />a hearing may be held to allow comments from interested shareholders, but a hearing is not <br />required. <br />Section 6. A Change Application must be approved pursuant to this by-law prior to <br />filing any application that includes the stock of the Company, and/or any water or water right <br />represented by said stock or run through the Company's system, with either the Water Court <br />pursuant to its statutory authority, or the Colorado State Engineer pursuant to his statutory <br />authority. If the Change Application has been approved by the Company, the Applicant must <br />include terms and conditions in the Water Court or State Engineer application(s) that are at <br />least as restrictive as those required by the Company in its approval, and such terms and <br />conditions shall also be included in any decree issued by the Water Court, or approval issued <br />by the State Engineer. The approval of any Change Application by the Company shall not <br />constitute a waiver of any rights of the Company to file a statement of opposition to any <br />Water Court application, or to file comments about any request made to the State Engineer, <br />involving the stock of the Company, and/or any water or water right represented by said stock <br />or run through the Company's system. <br />Section 7. The provisions of this Article XVII shall apply to all shareholders and all <br />shares issued and outstanding in the Company, whether acquired prior to or subsequent to the <br />adoption or the amendment of this Article. <br /> <br />9 <br />
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