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<br />. <br /> <br />. <br /> <br />(5) The right to the annual release of water from Homestake _ <br />Reservoir, decreed by the Eagle County District Court in Civil Action No. 1193, as said decree <br />was supplemented and amended, and such other sources obtained pursuant to agreement with the <br />Cities of Aurora and Colorado Springs (hereinafter collectively referred to as the "Homestake <br />Reservoir water"). <br /> <br />(b) To operate, maintain, repair, improve, extend, and replace Eagle Park <br />Reservoir and all other property acquired by the Corporation; <br /> <br />(c) To appropriate and adjudicate such additional water rights as may be <br />required to fully utilize Eagle Park Reservoir; <br /> <br />(d) To take all action necessary to defend the Corporation's property, <br />including without limitation Eagle Park Reservoir and the associated real property, water rights <br />and contract rights of the Corporation; <br /> <br />(e) Pursuant to the terms hereof or any other terms or conditions imposed by <br />the Corporation on the use of water from Eagle Park Reservoir, to store on behalf of, and deliver <br />to or for the benefit of its shareholders water from Eagle Park Reservoir, in amounts <br />proportionate to the amount of stock held by stIch shareholders, for municipal, domestic, <br />snowmaking, industrial, irrigation and all other beneficial uses; <br /> <br />(f) To implement and administer any agreements relating to the use of the <br />Homestake Reservoir water; and <br /> <br />(g) To enter into contracts and engage in all other lawful business or activity <br />for which corporations may be incorporated. <br /> <br />3.2 Powers. (a): In furtherance of the foregoing purposes and objectives, and subject <br />to the restrictions set forth in subparagraph (b) below, the Corporation shall have and may <br />exercise all of the powers now or hereafter conferred upon nonprofit corporations organized <br />under the laws of Colorado, and may do everything necessary or convenient for the <br />accomplislunent of any of the corporate purposes, subject to the limitations as may be prescribed <br />bylaw. <br /> <br />(b) Nothing contained herein shall prohibit the distribution to shareholders of <br />income of the Corporation in excess of amounts needed to pay current expenses and losses, or to <br />create a reasonable reserve for the payment of future expenses or losses. <br /> <br />ARTICLE IV - CAPITAL <br /> <br />4.1 Authorized Capital. The aggregate number of shares that the Corporation shall <br />have the authority to issue is 20,130 shares of "Class A common stock," each having a par value <br />of $1.00, and 500 shares of "Class B common stock," each having a par value of $1.00. <br /> <br />fd0984 <br /> <br />-2- <br />