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<br />(2) A copy of the audit report shall be maintained by District as a <br />public record for a public inspection at all reasonable times. <br /> <br />(3) The Treasurer shall forward a copy of the audit report to the <br />State Auditor or other relevant State official, pursuant to <br />statutory requirements. <br /> <br />Section 10. Corporate Seal. The seal of District shall be a circle containing the <br />name of the District and shall be used on all documents and in such manner as seals <br />generally are used by public and private corporations. The Secretary shall have <br />custody of the seal and shall be responsible for its safe keeping and care. <br /> <br />Section 11. Disclosure of Conflict of Interest. Any Board member's potential <br />conflict of interest shall be disclosed in accordance with Colorado law. <br /> <br />Section 12. Compensation. Each Director may receive compensation as <br />prescribed by statute. No Director shall receive compensation as an employee of <br />District, except as may be provided by statute. <br /> <br />\ <br />i <br />/ <br /> <br />Section 13. Indemnification of Directors and Employees. District shall defend, <br />hold harmless and indemnify any Director, officer, agent, or employee, whether elective <br />or appointive, against any tort or liability, claim or demand, whether groundless or <br />otherwise, arising out of any alleged act or omission occurring during the performance <br />of duty, as more fully defined by an Indemnification Resolution. The provisions of this <br />Section 13 shall be subject to and, to the extent of any inconsistency therewith, shall be <br />modified by the Governmental Immunity Act, 24-10.101, et seq., C.RS. <br /> <br />Section 14. Biddino and ContractinQ Procedures. Except in cases in which <br />District will receive aid from a government agency, a notice shall be published for bids <br />on all construction contracts for work or material, or both, involving an expense of <br />$25,000 or more. District may reject any and all bids, and if it appears that District can <br />perform the work or secure material for less than the lowest bid, it may proceed to do <br />so. <br /> <br />a. A Notice or Invitation to Bid shall be prepared and published. <br /> <br />b. The Board retains the right, in its sole discretion, to reject any or all <br />proposals; determine the proposal and subcontractors that will serve the best interests <br />of District; and determine the proposal and sub-contractor which is most responsible to <br />perform the work. <br /> <br />c. If deemed appropriate by the Board, bids must be accompanied by <br />an acceptable bidder's bond, or a certified check payable to District, in an amount equal <br />to 5% of the bid. If, within the time designated in the Notice of Award, the Contract is <br />not executed, and, if required, a Payment and Performance Bond and Certificates of <br /> <br />Page 11 of 12 <br /> <br />Exhibit <br /> <br />A <br /> <br />Resolution 2007 - 03 <br />Adopted May 17,2007 <br />