Laserfiche WebLink
<br />The Authority shall be governed by a board of directors consisting <br />of five members to be selected and appointed one each by the governing bodies of <br />the respective parties hereto and two non-vo~ing members, one to be selected by <br />the governing body of the Kannah Creek Water Users Association and one member by <br />the governing body of the Grand Mesa Water Users Association. Each member shall <br />serve at the pleasure of the governing body appointing such director. <br /> <br />3.1 There shall be a chairman, vice chairman and a secretary- <br />treasurer, each of whom shall be elected for a term of one year. <br /> <br />3.2 The chairman shall preside at all board meetings. He shall sign <br />and execute official documents and contracts authorized by the board and shall <br />generally perform all duties common to the office of chairman as the board may <br />designate. <br /> <br />3.3 Tho vice chairman shall assume the p0wers ar.d d~ties of the <br />chairman during periods of his absence or incapacity and shall perform such <br />additional duties and functions as the board may direct. <br /> <br />3.4 The secretary-treasurer shall keep the minutes of the meetings of <br />the board'and maintain the official records of the Authority. He shall attest <br />and affix the corporate seal to all documents of the Authority and shall perform <br />such other duties as the board may direct. He shall serve as the financial <br />officer of thi'Authority and be responsible for the receipt, custody investment <br />and disbursement of the Authority's funds and shall perform such other duties as <br />the board of directors may direct. The secretary-treasurer shall give bond in <br />such sum and with such surety as the board of directors shall determine, the <br />cost of, such bond shall be an expense payable by the Authority. <br /> <br />3.5 Each director and officer of the Authority whether or not then in <br />office and his personal representatives shall be indemnified by the Authority <br />against all costs and expenses actually and necessarily incurred by him in con- <br />nection with the defense of any action, suit or proceeding in which he may be <br />involved or to which he may be made a party by reason of his being or having <br />been such director or officer, except in relation to matters as to which he <br />shall be finally adjudged in such action, suit or proceeding to be liable for <br />willful or wanton negligence or misconduct in the performance of his duty. Such <br />costs and expenses shall include amounts reasonably paid in settlement for the <br />purpose of curtailing the cost of litigation. The foregoing right of indem- <br />nification shall not be exclusive to other rights to which he may be entitled as <br />a matter of law or by agreement. <br /> <br />3.6 Directors may receive compensation for their services as may be <br />provided by resolution of the board of directors and directors shall receive <br />reimbursement of their actual expenses incurred in behalf of the Authority and <br />as authorized by the board of directors. <br /> <br />3.7 The board of directors shall adopt bylaws fixing the time and <br />place at which regular meetings shall be held, provide for the calling and <br />holding of special meetings and provide for rules of procedure and the conduct <br />of business. <br /> <br />SECTION 4. Term of Contract. <br /> <br />2 <br />