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3. Performance of Mutual Mesa Project. MMLE was formed for the limited purposes of: (i) contracting with one or more lenders for the funds necessary to complete the Mutual Mesa Project in one or more phases; (ii) contracting with one or more contractor(s) for the goods, services, materials and labor required to complete the Mutual Mesa Project in one or more phases; (iii) owning, during the life of any loan required to construct the Mutual Mesa Project, new structures and facilities installed or constructed as part of the Mutual Mesa Project; and, (iv) performing all future major maintenance and repairs of those portions of the Mutual Mesa Lateral piped or improved by the Mutual Mesa Project. MMLE has all powers granted water activity enterprises under the provisions of C,R,S, ~~ 37-45.1-101 to 107, including, without limitation, those powers more specifically set forth in the MMLE Resolution, On October 29, 1996, the Board of the District adopted a resolution assigning to MMLE certain of the District's rights to enter into the contractor agreements necessary to perform the Mutual Mesa Project. In addition, by Agreement of the same date, the District and MMLE memorialized the terms and conditions under which MMLE would undertake the Mutual Mesa Project on the District's behalf. It is contemplated that both the District and MMLE will be signatories to any loan contract with the CWCB, with MMLE being the actual borrower. Neither the formation of MMLE nor its participation in completing the Mutual Mesa Project affects the continuing applicability and validity of other information contained in this study relating to the economic or technical feasibility of the Mutual Mesa Project. 11-16 I I I I I I I I I I I I I I I I I I I