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desirable. How far in advance is the board willing to set assessments, <br />and beyond that, for what period is it willing to make projections? <br />c. Should the membership fee be the same for everyone, or vary depending <br />on the class of inember? The board has broad discretion. (Art. VI.D.) <br />d. After the first year of operation (or the first year of having paying <br />members) the membership fee is calculated as the original membership <br />fee plus all of the assessments the new member would have paid if it had <br />been a member since the first year. The board should identify the date <br />from which the first year starts to run (and by extension, the point after <br />which it gets more expensive to join). <br />Should there be interest on this amount? If so, how much? Usually an <br />interest rate reflects both the time value of money as well as its decline <br />in purchasing power over time. The board could set a rate directed at <br />either or both of those elements. <br />Because the number of units a member is required to own will vary <br />over time, presumably the amount a member "would have paid" will <br />take into account the actual number of taps, etc, in each of those prior <br />years. Presumably also it will be the new member / applicant's <br />obligation to provide the prior year's information. Because the number <br />of taps will probably be growing, and irrigated acreage in most cases <br />will be constant or shrinking, the incentive to locate such historical data <br />will not be the same for all classes of inembers. <br />5. Other decisions and policies to be established by board <br />a. Accomodation of absent directors: <br />The bylaws allow shareholders to vote by proxy (Art. II.G.), but do not <br />address proxies by absent directors. It has been suggested that a <br />director be able to appoint an alternate to attend a meeting if that <br />director will be absent. The bylaws (Art. III.A.3.) provide that directors <br />can participate by telephone if unable to attend in person. In addition, <br />if provided for in the bylaws, C.R.S. § 7-128-205(4) aliows absent <br />directors to vote on a particular proposal by "a signed, written proxy to <br />another director who is present at the meeting." The statute precludes <br />any other form of participation by absent directors. Perhaps the use of <br />alternate directors could be made valid by a specific provision in the <br />Articles, by which they are elected or appointed in the same way as <br />are regular directors. <br />3 Admin Issues 9-2-05