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operarions and facilities; to serve a public purpose; and to promote the health, safety, prosperity, security, and general welfare of the inhabitants of the Members. C. Each of the Members is a party to a Memorandum of Agreement dated July 17, 2007 (the "MOA") . pursuant to which Lake Durango Water Company, Inc. ("LDWC") agreed to sell the assets of LDWC to a water authority to be created by the Members. NOW THEREFORE, in consideration of the mutual agreements set forth herein, the adequacy of which is hereby acknowledged, the Members agree as follows: I. INTRODUCTORY PROVISIONS Section l.l. Establishment of the Water Authority. There is hereby established the Lake Durango Water Authority ("Authority") as a separate legal entity, political subdivision, and . public corporation of the State of Colorado, separate and distinct from each of the Members,. with the duties, privileges, immunities, rights, liabilities, and disabilities of a public body politic and corporate. Section 1.2. Effective Date and Term. This Agreement shall become effective and the Authority operations shall begin as of the da.te the Agreement is executed by a11 of the Members. The term of this Agreement shall be unlimited and shall extend until terminated, as provided herein. Section 1.3. Authority Service Area. The Authority service azea consists of a11 property identified with a committed water ta.p from LDWC as shown on the attached Exhibit A and any property to which the Authority may expand its service. II. PURPOSE AND POWERS OF THE AUTHORITY Section 2.1. Purpose. The purpose of the Authority is to operate a domestic water system ("Water System"). To that end, it is the intent of the Members to extend to the Authority the ma.ximum fle�ubility and authority to conduct the business of operating the Water System, enter into additional intergovernmental agreements, or perform any other necessary functions to fi�rther that purpose. -3-