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The general purposes given to the HOA in its Articles of Incorporation are to maintain <br />the value of property in Wadley Farms No. 3; to own, operate, acquire and maintain <br />elements of a water supply system; and to buy and sell real or personal property <br />necessary for operation of the water system. Article IV of the Articles of Incorporation <br />gives the HOA the power and authority to borrow money to meet the purposes of the <br />HOA. <br />The business of the HOA is managed by a five - member Board of Directors.' The <br />President of the Board is considered to be the Chief Executive Officer. Other officers are <br />the Vice- President, the "Treasurer and the Secretary. Under Article VIII of the Bylaws, <br />the Board of Directors can authorize the President or other officer to execute documents <br />for indebtedness or other documents requiring signature on behalf of the HOA. The <br />Bylaws were adopted on September 7, 1982. <br />Every person who owns a lot in Wadley Farms No. 3 is a member of the HOA. Article <br />II, Section 2 of the Covenants designates the HOA as the agent for every homeowner. <br />Article II, Section 5 of the Covenants give the HOA the right and obligation to hold <br />property on behalf of the homeowners. This section also gives the HOA the authority to <br />restrict water usage and to make regulations regarding water storage and fire protection. <br />Article II, Section 6 requires that every homeowner pay a pro -rata share of all sums <br />assessed by the HOA for common expenses, including for water supply and fire <br />protection. It also gives authority to the HOA to place a lien against the lot of any <br />homeowner who doesn't pay assessments when due. <br />Article III, Section 1 of the Covenants requires that each homeowner have a well in the <br />Arapahoe or Laramie -Fox Hills aquifer to use for domestic purposes and specifies that <br />the well water cannot be used for outdoor irrigation. Article III, Section 2 states that the <br />developer of the subdivision will convey five shares of FHL to the HOA. The Adams <br />County Commissioners subsequently approved a reduction in the amount of water to be <br />conveyed to only three FHL shares when they approved a reduction in the size of the <br />Wadley Farms No. 3 Filing to exclude land located west of the railroad tracks just to the <br />west of the existing Wadley Farms No. 3. Article III, Section 2 also limits each lot to <br />only 8000 square feet of irrigated area. Article 111, Section 3 authorizes the HOA to <br />impose fines for violations of any water use restrictions and allows for shutoff of water <br />use in the event of continued violations. Article III, Section 5 provides that the HOA can <br />charge a fee for irrigation water usage as recorded on individual meters for each lot. <br />An amendment was filed to the Covenants on June 26, 1979 to acknowledge the rights of <br />the oil and gas company that had the mineral leases for oil and gas wells located on five <br />lots reserved for that purpose throughout the subdivision. A few of these wells are still in <br />' The author of this report has owned property in Wadley Farms No. 3 from 1987 to the present, was a <br />member of the HOA board of directors from 1997 to 2007 and is familiar with the Wadley reservoir and <br />water system operations. In addition, the author was a board member of the FI -IL Company from 1985 <br />through 1989 and has personal knowledge of the historic operational practices of the company based on <br />board participation, review of company records and personal communications with company ditchriders. <br />The author has over thirty years of experience as a water resources engineer specializing in water rights <br />evaluation and administration, hydrologic analysis, drought preparedness and raw water system operation. <br />Wadley Farms No. 3 Water Supply CWCB Loan Feasibility Study Page 6 <br />