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<br />. <br /> <br />. <br /> <br />- GRAND VALLEY WATER USER'S ASSOCIATION - <br />Grand Junction, Colorado <br /> <br />Dear Shareholder: <br /> <br />Notice is hereby given that a Special Election of Grand Valley Water Users' Association <br />shareholders is called pursuant to Section 7 of Article VI of the Articles of Incorporation and will <br />be held at the Plumbers and Steamfitters Building at 2384 Highway 6 & 50, Grand Junction, Colorado <br />on Tuesday, June 14, 1988 for the purpose of voting upon the following resolution as adopted <br />by the Board of Directors for consideration at this Special Election. <br /> <br />RESOLUTION <br /> <br />WHEREAS, the Grand Valley Users Association (hereinafter "Association") Is indebted to the <br />United States of America under two Rehabilitation and Betterment Contracts each of which <br />provides for annual payments; and <br />WHEREAS, the Department of the Interior, acting in behalf of the United States is offering <br />to substantially discount the total amount payable to the United States in exchange for a lump <br />sum payment; and <br />WHEREAS, the Colorado Water Conservation Board has money available to loan to the Associa- <br />tion to permit payment of the discounted lump sum; and <br />WHEREAS, the Association would substantially benefit by discharging the payments to be made <br />to the United States by payment of the lump sum discount. <br />NOW THEREFORE, BE IT RESOLVED: That the Association, acting by and through its Board <br />of Directors, is hereby authorized to borrow funds and to use any other funds which may be available <br />to make a payment to the United States of the lump sum discount thereby discharging the payments <br />owing to the United States under the Rehabilitation and Betterment Contracts; and <br />BE IT FURTHER RESOLVED: That the Board of Directors negotiate and determine the terms <br />and conditions of any such loan and that the officers of this corporation are hereby authorized <br />to execute any documentation necessary or desireable and satisfactory to the Board of Directors <br />to evidence or secure the repayment of any such loan; and <br />BE IF FURTHER RESOLVED: That the officers of the Association are authorized and directed <br />to execute the Letter of Intent indicating to the United States the intent of the Association to . <br />accept the prepayment discounted offer. <br /> <br />Voting by proxy, as well as in person, is authorized and registration of shareholders and proxies <br />will be from 6:00 P.M. until 8:00 P.M. when the election proceedings will begin. It is urged that <br />you attend in person, but if you are unable to do so, please give your proxy to someone who Is <br />going to attend. <br /> <br />This notice is given by resolution of the Board of Directors as adopted at a special meeting held <br />May 24, 1988 <br /> <br />ALLEN GOBBO - President <br />VICTOR THOMPSON - Secretary <br />