C153808 Feasibility Study

• Contract/PO #: C153808
• Contractor Name: Arkansas Groundwater Users Association
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Bill Number: ARA
• Loan Projects - Doc Type: Feasibility Study

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3. COMPENSATION: The Board of Directors and officers of AGUA shall serve
without compensation, but any such officer or director shall be reimbursed for actual expenses
incurred in the performance of duties or in the attendance at any regular or special meetings of
the Board.

4. MEETINGS: The meetings of the Board of Directors shall be held at regular
intervals as the Board determines. All regular board meetings shall be open to any and all
members and notice shall be given in the print media to ensure general public knowledge of the
meeting. Organizational meetings for the election of officers shall be held immediately following
the Annual Meeting.

5. POWERS AND DUTIES: The Board of Directors shall have the general power to act
for and on behalf of AGUA in any manner not prohibited by statute or by the Articles of
Incorporation. The Board of Directors shall have the immediate control and supervision over
the business affairs and management of AGUA and sha1I have the authority to hire employees,
independent contractors or consultants as may be necessary and advisable to carry out the
purposes of AGUA. The Board of Directors may appoint committees to expedite the business
of the board, subject to supervision by the board. The Board of Directors may, but shall not be
required to, determine and/or promulgate policies and regulations for the operation of AGUA.
The directors shall prescribe the form of applications for membership and shall act upon all
applications. The directors shall provide for the maintenance of accurate records and books of
account for the affairs and business of the Association, and shall cause regular audits to be made
at least once each year. Said directors, or a committee appointed by them, shall approve and
direct all disbursements of the funds of AGUA and shall determine the necessity for and the
extent of any indebtedness or obligations incurred by AGUA.

6. VACANCIES: Vacancies among the Directors and Officers of this Association may
be filled by the Board of Directors at any time by baIlot. Any director elected to fill a vacancy
shall serve as such Director until a successor is duly elected and qualified as provided for in the
Articles of Incorporation.

ARTICLE V
OFFICERS

1. The officers of AGUA shall be a President, Vice-President, and Secretary-
Treasurer, and shall be chosen by the Board of Directors. All officers shall serve for a term of
one year from the date of the Annual Meeting and until their successors are duly elected and
qualified.

2. PRESIDENT: The President shall preside at all meetings of the Directors and
members; sign all bonds, deeds, leases, encumbrances, notes, contracts, or other instruments of
writing made or entered into by or on behalf of the Association; sign all checks and other orders
for the payment of money.

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