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South Platte water Related Activities Program, Inc. <br />220 Water Avenue, Berthoud, Colorado, 80513 <br />RESOLUTION NO. 07-01 <br />REGARDING VARIOUS ORGANIZATIONAL ISSUES <br />WHEREAS, the Platte River Recovery Implementation Program (PRRIP) <br />Cooperative Agreement has been signed by the state and federal parties thereto; <br />and, <br />WHEREAS, SPWRAP is entering agreements with the State of Colorado, incurring <br />legal obligations, and assessing its members to collect the funds necessary to meet <br />those obligations; and, <br />WHEREAS, it has been necessary for the Board of Directors to make various <br />determinations and decisions regarding how SPWRAP will operate; <br />NOW THEREFORE, BE IT RESOLVED BY THE SPWRAP BOARD THAT: <br />The Membership Fee described in Article VI.D. of SPWRAP's Articles of <br />Incorporation will be set at zero through the end of the 2007 fiscal year. <br />Thereafter, as provided in Article VI.D., the Membership Fee will be the amount <br />of all previous year's assessments that would have been paid by the new <br />member, had that member joined in 2007 or before. Beginning with fiscal year <br />2008, calculation of the Membership Fee will include interest sufficient to offset <br />the time value of money, determined at present to be 4% simple interest. After <br />three years, the Board will re-evaluate its determination that the interest rate <br />should not exceed the time value of money. Interest will accrue from December <br />31, 2007. <br />2. Pursuant to Article VI.A.5. of the Articles of Incorporation, the Board establishes <br />"X-1" and "X-2" classes of inembership as follows: <br />a. A Class X-1 membership shall be issued to the State of Colorado, including <br />agencies of the executive branch ("Colorado"). Colorado shall be issued a <br />membership for one Unit, which shall cover all existing and future depletions <br />caused by Colorado in the North Platte and South Platte basins within the <br />state. 1n recognition of the monies provided and to be provided by Colorado <br />to meet many of the state's obligations under the PRRIP, all assessments <br />due on the X-1 membership unit shall be deemed to be paid in full through <br />the First Increment of the PRRIP. <br />b. A Class X-2 membership may be issued to any water user whom the US Fish <br />& Wildlife Service determines is a"Small Depletion" which has been defined <br />as an average annual net depletion of 25 acre feet per year or less. A Class <br />X-2 membership may be issued to any Small Depletion regardless of type of <br />Resolution 07-01 <br />02-15-07