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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />; "1 <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.R.S. <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.R.S. ~ 24-91-103. . <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or repealed at any regular meeting or at any special meeting of the Board called for that 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 17th. day of May 2007, by the Board of Directors of San Luis <br />Valley Water Conservancy District. <br /> <br />U. <br /> <br /> <br /> <br />M. <br /> <br />~~~/ <br />Fra k Mestas <br /> <br />~;uf2~ <br />andall Palmgren <br /> <br />~cA. ~~ <br /> <br />Karla Shriver <br /> <br /> <br />f?/Jd~ <br />Charles Layery <br /> <br />~ ~ <br />. J.r /"",-^,r ~ <br />Doug sSlck <br /> <br />Page 12 of 12 <br /> <br />Exhibit <br /> <br />A <br /> <br />Resolution 2007 - 03 <br />Adopted May 17,2007 <br />