West Paradox Watershed Application for P.L. 566 Project

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.00t of water per second of time owned under itracts, the owner is entitled to 267 shares s I stock. The delivery of one second foot for each 267 shares shall be from April lst to October 15th of each year - and is to be satisfied before aU ri„Lhts accrue under Class III stock (b) Class II stock to be issued is 378 shares. The issuance of said stock shall not affect the rights of the holders thereof of their priority out of Deep Creek. It is provided that the owners of each 189 shares (i.e., two) are entitled to 1.06 c.f.s. from May lst to June 1st, and 33.92 statutory inches from June lst to October lst, except when Deep Creek flrxvs less than 4.02 c. f . s . from July 1st to October lst, then the droners are entitled to 2 /5ths of the flow or so much as the company can obtain from Deep Creek. (c) Class III stock is to be issued to holders of "B" contracts. The basis of issue is one share of Class III stock for each acre -foot of water under the "S" contracts. Class III stock is to be issued to holders of "C" contracts on the basis of 1.25 shares of Class III stock for each acre -foot of water under the "C" contracts. 4. Class III stock is assessable for all purposes. Class I and Class II is assessable for all purposes except enlargements or extensions. Assessment is by vote, except on enlargements and extensions, and then by 2/3 votes of Class III stock. 5. Class III stock is issued to holders of "B" and "C" contracts outstanding. No new issues of Class III stock unless company has ability to deliver additional water and 2/3 vote of stockholders. No additional shares of Class I and Class II stock may be issued. No more than 25,000 shares of Class III stock may be issued. Your first question concerning this company is as follows: If the Class III stockholders are willing to enlarge Buckeye Reservoir under a P. L. 566 project, can the Class I stock draw on the enlarged reservoir r4emo -2- July 7, 1964