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<br />. <br /> <br />. <br /> <br />(c) The Corporation shall have the power to make assessments from time to <br />time on its Class B common stock to implement and administer any agreements relating to the <br />Homestake Reservoir water. Any such assessments shall be levied pro rata on the outstanding <br />shares of Class B common stock upon the approval, at an annual or special meeting called for <br />such purpose, if a quorum is present, of a majority of the votes of the outstanding shares of Class <br />B common stock represented at such meeting either in person or by proxy. Any such <br />assessments shall be used only for the purpose of paying the expenses of the Corporation, <br />including but not limited to administrative, engineering and legal fees and expenses incurred to <br />implement and administer any agreements relating to the Homestake Reservoir water, and the <br />furnishing of replacement water to the Cities of Aurora and Colorado Springs pursuant thereto. <br /> <br />8.2 Forfeiture of Stock. (a) The Corporation shall have the power to declare a <br />forfeiture or sale of some or all of the shares of the Class A common stock of a shareholder in the <br />event of the failure of any such shareholder to pay any assessment or to comply with any <br />obligations imposed by the Corporation on the use of water from Eagle Park Reservoir within 60 <br />days after receipt of written notice, sent certified mail, return receipt requested, requesting <br />payment of such assessment or compliance. In addition thereto, or in lieu thereof, the <br />Corporation may terminate the delivery of water to the shareholder of Class A common stock <br />until such assessment is paid or failUre to comply is cured, and in addition thereto, or in lieu <br />thereof, it may COmmence a civil action against such delinquent shareholder to require specific <br />performance of any use obligations or to recover the cost of any such compliance by the <br />Corporation on behalf of such shareholder or the amount of any assessment which may remain <br />unpaid, together with interest at the annual rate of 18% from due date until paid, court costs and <br />reasonable attorneys' fees. <br /> <br />(b) The Corporation shall have the power to declare a forfeiture or sale of <br />some or all of the shares of the Class B common stock of a shareholder in the event of the failure <br />of any such shareholder to pay any assessment for Homestake Reservoir water within 60 days <br />after receipt of written notice, sent certified mail, return receipt requested, requesting payment of <br />such assessment. In addition thereto, or in lieu thereof, the Corporation may commence a civil <br />action against such delinquent shareholder to recover the cost of any such compliance by the <br />Corporation on behalf of such shareholder or the amount of any assessment which may remain <br />unpaid, together with interest at the annual rate of 18% from due date until paid, court costs and <br />reasonable attorneys' fees. <br /> <br />(c) The Corporation shall not have the power to declare a forfeiture or sale, or <br />terminate the delivery of water to any holder of Class A common stock for the failure of any such <br />shareholder to pay any assessment for Homestake Reservoir water. Similarly, the Corporation <br />shall not have the power to declare a forfeiture or sale of Class B common stock for the failure of <br />any such shareholder to pay any assessment for Eagle Park Reservoir. <br /> <br />(d) The Corporation shall have the authority to dispose of any of the <br />Corporation's stock forfeited by a shareholder at such price and on such other terms and <br />conditions as the board of directors shall deem advisable. <br /> <br />fd0984 <br /> <br />-7- <br />