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<br />. <br /> <br />. <br /> <br />ANTHONY W WILLIAMS <br />BERNDT C HOLMES <br />J.D SNODGRASS <br />WILLIAM D. PRAKKEN <br />BERNARD A BUESCHER <br />DONALD E JORDAN <br />DAVID J TURNER <br />MARK A HERMUNDSTAD <br />JOHN P GORMLEY <br />SUSAN M. CORLE <br /> <br />WILLIAMS, TURNER & HOLMES, P.C. <br /> <br />ATTORNEYS AT LAW <br />COURTHOUSE PLACE BUILDING - 200 N 6th STREET <br />MAILING ADDRESS. P_O. BOX 338 <br />GRANO JUNCTION. COLORADO 81502 <br />TElECOPIER,1303)241-3026 <br />TELEPHONE, (303) 242.6262 <br /> <br />SlLMON SMITH (1886- 1964) <br />CHARLES HOLMES (1897-1967) <br /> <br />WARREN L TURNER <br />OF COUNSEL <br /> <br />June 24, 1988 <br /> <br />J. William McDonald, Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />JUN 271988 <br /> <br />Dear Bill: <br /> <br />Since we addressed a letter to you on May 27, 1988 and received <br />a communication from you dated June 3, 1988, we have been working <br />to get in a position to finalize a loan agreement with the Board <br />to fund the repurchase from the United States of the two outstanding <br />loans to the Grand Valley Water Users Association. <br /> <br />Article VI, section 7 of the Articles of Incorporation provides <br />as follows: <br /> <br />Except for operation, maintenance and repair, no work <br />shall be undertaken, purchase made or indebtedness incurred <br />or be authorized during anyone year, whereof the cost shall <br />exceed Fifty Thousand Dollars ($50,000) until it shall have <br />first been ratified by at least two-thirds of the shares <br />represented by the votes cast at an election to be called <br />for that purpose. Special elections may be called and held <br />for such purpose under such by-laws as the Board of Directors <br />may prescribe, not inconsistent with these Articles. <br /> <br />Pursuant to the requirement, we held a special election of the <br />shareholders on June 14, 1988. I do not believe that the formal <br />minutes have been drawn up reflecting the outcome of the special <br />election but it was practically unanimous. I think only 75 votes <br />were cast against the resolution, copy of which is enclosed herewith. <br /> <br />As the result of the election, letters of <br />and sent by Federal Express on June 18, 1988. <br />of intent are also enclosed herewith. <br /> <br />intent were issued <br />Copies of the letters <br />