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WHEREAS, It is the intent of the Board to issue shares for the purpose of
<br />obtaining water for the system to replace the water to be taken from the system by the
<br />City of Thornton as a shareholder of the Company,
<br />NOW THERFORE, BE IT RESOLVED:
<br />That the 300 shares of newly authorized stock, and all treasury stock of the
<br />Company hereafter issued, shall be issued under restrictions, as follows;
<br />1. The waters represented by shares shall be used only within Latimer and Weld
<br />Counties, Colorado, and
<br />2. The shares may not be transferred without the consent of the Board of
<br />Directors of the Company.
<br />BE IT FURTHER RESOLVED that such restrictions will be printed or typed
<br />upon each certificate of stock to which they are applicable upon the issuance or
<br />reissuance of such shares.
<br />EIGHTH -That the taw of existence of said Company shall be twenty years.
<br />(A resolution was adopted on 1 /11/1933 to extend the life of the corporation in
<br />nerpetuitv.l
<br />EIGHTH Amendment of 1/12/1972
<br />Article VIIIth of the Articles of Incorporation of The Water Supply and Storage
<br />Company is amended by adding thereto the following:
<br />Without limiting their power to borrow money from other sources, the Directors
<br />are specifically authorized to borrow money from the United States of America p~~~t
<br />to the provisions of the Small Reclamations Projects Act of 1956, as amended from time
<br />to time, or other laws of the United States.
<br />NINTH -The affairs and management of said corporation is to be under the
<br />control a board of seven directors. I.W. Bennett, Edward H. Hall, John Hayden,
<br />Alexander Mead, F.C. Avery, A.A. Edwards and Asaph E. Mead are hereby selected to
<br />act as said Board of Directors, and to manage the affairs of said corporation for the fast
<br />year of its existence, and until their successors are duly elected by the stockholders, and
<br />duly enter upon the discharge of their duties.
<br />NINTH. AS AMENDED on 12/19/1986
<br />NIN'T'H -The affairs and management of said corporation is to be under the
<br />control a Board of nine directors. Directors need not be shareholders. Directors shall be
<br />elected by shareholders, subject, however to the following:
<br />1 ") So long as the City of Thornton, Colorado, or its assigns is the owner of not
<br />less than 280 shares of the capital stock of the Company, the City of Thornton and its
<br />assigns, may select up to four of the Directors. At any time that the City of Thornton,
<br />Colorado, and its assigns own less than 280 shares of stock of the Company, it shall be
<br />entitled to select the number of directors, not in excess of four, as shall represent its and
<br />its assigns proportionate ownership of the capital stock of the Company.
<br />2°~ The ren.A;n;ng Directors, not less than five, shall be nominated and chosen
<br />by stockholders who use the water represented by therr shares within Latimer and Weld
<br />Counties, Colorado, from facilities of or by contract with the Company. The By-Laws of
<br />the Company may specify means by which such shareholders may nominate and elect
<br />these Directors, but no by-law will be adopted which is in conflict with the intent of this
<br />paragraph.
<br />TENTH -The operations of said corporation will be carried on in the counties of
<br />Latimer, Grand, and Weid, in the State of Colorado, and the principal place of business
<br />and office said wrporation shall be located in the City of Fort Collins, in the County of
<br />Latimer, and State of Colorado.
<br />TENTH. AS AMENDED on 12/19/1986
<br />TENTH -The principal place of business and office said corporation shall be
<br />located in the City of Fort Collins, in the County of Latimer, and State of Colorado.
<br />ELEVENTH -The Board of Directors shall have power to make such prudential
<br />by-laws as they may deem proper for the management of the affairs of said corporation,
<br />not inconsistent with the laws of the State of Colorado, for the purpose of carrying on all
<br />kinds of business within the objects and purposes of said Company. Said by-laws, among
<br />other things, shall provide that the water which is supplied and diverted by means of the
<br />enterprise of this Company, into the Latimer County Ditch, or into any of the reservoirs
<br />of this Company shall only be delivered to, and distributed among stockholders in this
<br />Company who shall then own and wntro] water rights in the Latimer County Ditch
<br />Company.
<br />ELEVENTH. AS AMENDED on 12/19/1986
<br />ELEVENTH -The Board of Directors shall have power to make such pmdential by-laws
<br />as they may deem proper for the management of the affairs of said corporation, not
<br />inconsistent with the laws of the State of Colorado, for the purpose of carrying on all
<br />kinds of business within Ure objects and purposes of said Company. Said by-laws, among
<br />other things, shall provide that the water which is supplied and diverted by means of the
<br />enterprise of this Company into the Latimer County Ditch, or into any of the reservoirs of
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