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<br />) <br /> <br />Insurance are not provided, District shall keep the bid bond as liquidated damages, and <br />assess such other damages as District may determine. <br /> <br />d. A Payment and Performance Bond is required for Contracts over <br />$50,000, and are discretionary with the Board under that amount. Sections 38-26-105 <br />and 106, C.RS. <br /> <br />e. Ten percent of all pay estimates shall be withheld during the <br />construction until 50% of the contract work has been performed; thereafter, no <br />additional sums shall be withheld if satisfactory progress is being made, in accordance <br />with C.RS. 924-91-103. <br /> <br />Section 15. Modification of By-Laws. These By-Laws may be altered, amended <br />or repealed at any regular meeting or at any special meeting of the Board called for that <br />purpose, and shall require the affirmative vote of a majority of the Directors present and <br />voting. <br /> <br />ADOPTED this 1 ih. day of May 2007, by the Board of Directors of San Luis <br />Valley Water Conservancy District. <br /> <br /> <br />t{i:J)~)) <br /> <br />thle Daniels <br /> <br />M. <br /> <br />4l~J~ <br /> <br />Randall Palmgren <br /> <br /> <br />~ <br />~~ <br />Fra k Mestas <br /> <br />~.~ <br /> <br />Karla Shriver <br /> <br /> <br />V~d ~_ <br /> <br />Charles Lavery <br /> <br />B ' <br />~/~.....~ <br />Doug . ssick <br /> <br />Page 12 of 12 <br /> <br />Exhibit <br /> <br />A <br /> <br />Resolution 2007 - 03 <br />Adopted May 17,2007 <br />