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1.3. PREVIOUS STUDIES <br /> A feasibility study was conducted on the LACC diversion dam for a CWCB loan in February, <br /> 2010, but the spillway structure addressed in this study was not included in the previous <br /> analysis or design. <br /> 2.0 PROJECT SPONSOR <br /> 2.1. CORPORATE STRUCTURE <br /> LACC and CECC are both mutual ditch companies and non-profit corporations organized <br /> under the laws of the State of Colorado. LACC was incorporated in 1941 and CECC was <br /> incorporated in 1910; although both ditches have been in existence since the 1870's when <br /> the most senior water rights were appropriated. Refer to Appendix A which contains the <br /> Articles of Incorporation and By-laws of the LACC and CECC. <br /> LACC and CECC have the following powers and authorities: <br /> 1. LACC and CECC have the right of eminent domain. Reference the Colorado <br /> Revised Statutes (C.R.S.) §38-2-101. <br /> 2. Taxing or assessing authority. LACC and CECC are not a governmental body and <br /> do not have a power to impose real estate taxes. LACC has the authority to make <br /> an assessment on stock as is provided in C.R.S. §7-42-104. LACC's bylaws also <br /> permit it to foreclose on shareholders with delinquent assessments. <br /> 3. Authority to enter into contractual arrangements: General powers of the corporation <br /> are set forth in C.R.S. §7-40-102. <br /> 2.2. BOARD OF DIRECTORS <br /> Each Company is governed by a Board of Directors comprised of five directors. All directors <br /> serve a one year term, and are elected at the annual stockholders meeting. Company <br /> officers are elected by the Board of Directors. The bookkeeping and administrative services <br /> are performed by the officers of the ditch company. LACC and CECC share one employee, <br /> the ditch superintendent, who conducts the day-to-day operations of canal facilities. The <br /> Board of Directors has certain duties and responsibilities, which include the power to incur <br /> indebtedness, to enforce the payment of all assessments, and to conduct the financial <br /> operations of the Company. The full power and duties of the board are enumerated in <br /> Articles 5 and 6 of the Bylaws of LACC and CECC, respectively, attached in Appendix A. <br /> September 2014 Draft <br /> Page 15 <br />