C150377 Feasibility Study - Laserfiche WebLink

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r r G. The Cities desire to create a water authority within the meaning of C.R.S. § 29-1- 204.2 in order to effect the development of water resources, systems and facilities associated with the Church Ditch for the benefit of the Cities and the Inch-holders, and to convey all interests of the Cities and the Company to the water authority, as set forth in more detail herein. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the Cities agree as follows: 1. Establishment of the Church Ditch Water Authority. The Cities hereby determine to establish a water authority pursuant to C.R.S. § 29-1-204.2, as more particularly set forth in the Establishing Contract for the Church Ditch Water Authority, attached hereto as Exhibit C, and incorporated herein by this reference. The Church Ditch Water Authority is determined to be established in order to effect the development of water resources, systems and facilities associated with the Church Ditch for the benefit of the Cities and the Inch-holders. 2. Public Notification. The Cities each hereby determine to provide at least fifteen (15) days' notice to all Inch-holders of the regular City Council meeting of both the City of Northglenn and the City of Westminster at which the Establishment Contract will be considered to allow and encourage public comment on the creation of the Church Ditch Water Authority. Such notification shall be sent to the last known address of each Inch-holder via regular first class mail, and such notification shall also be published in a newspaper of general circulation in each County in which the Church Ditch is located 3. Governance of the Church Ditch Water Authority. The Church Ditch Water Authority shall be governed by a Board of Directors consisting of two Directors appointed by the City Manager of the City of Northglenn, and one Director appointed by the City Manager of the City of Westminster. 4. Conveyance of Real and Personal Property by the Cities and the Company to the Authority. Within thirty (30) days of the establishment of the Church Ditch Water Authority, the Cities and the Company shall convey all real and personal property interests to the Authority as follows: (a) The Cities shall convey via Bargain and Sale Deed their respective interests as tenants in common in the real property of the Church Ditch, including any fee ownership, permanent easements, licenses, prescriptive rights, and any other interests in real property to the Authority. An index of those known interests in property is attached hereto as Exhibit B, and incorporated herein by this reference; (b) The Cities shall further convey via Bargain and Sale Deed their respective interests as tenants in common in any water rights, diversion structures, and any other tangible property interests to the Authority. The decrees 2