C153521 Contract - Laserfiche WebLink

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. . ANTHONY W WILLIAMS BERNDT C, HOLMES J.D. SNODGRASS WilLIAM 0 PAAKKEN BERNARD A. BUESCHER DONALD E. JORDAN DAVID J TURNER MARK A. HERMUNDSTAO JOHN P GORMLEY SUSAN M CORLE WILLIAMS, TURNER & HOLMES, P.C. ATTORNEYS AT LAW COURTHOUSE PLACE BUILDING. 200 N. 6th STREET MAILING ADDRESS - P_D BOX 338 GRAND JUNCTION, COLORADO 81502 TElECOPIER, (303) 241-3026 TELEPHONE (303) 242.6262 SILMON SMITH naB6.19641 CHARLES HOLMES (1897-19671 WARREN l TURNER OF COUNSEL May 27, 1988 11 IFl IT C r f, r7 r. J4A'L .3 1'1988 Mr. David Walker Deputy Director Colorado Water Conservation Room 721 1313 Sherman Street Denver, CO 80203 Board c~, r-. r'\- ,. Re: Grand Valley Water Users Association Dear Dave: Perhaps you wonder why you have not heard from me since I placed a telephone call to you approximately one week ago. Since the telephone call we have held a special meeting of the Board of Directors of the Association and we have scheduled a special election of the shareholders. The special election is necessary by reason of ~7 Article VI of the Articles of Incorporation. A copy of the Articles and the By-Laws is enclosed herewith. We don't think there is much doubt about getting approval of the stockholders but we were anxious to get a favorable vote from them at an early date. It appears that the sum which the Grand Valley Water Users Association will ask to borrow is $285,000.00, more or less. The discount that was figured on large contract was in error in that there had been a $6,000.00 payment which had not been credited and I think that the Board of Directors is going to elect to at least wait to make the payoff to the United States until after the recalculation of the discount as of July 1. They have not made that decision yet but I am just anticipating. The problem we have to address and decide as promptly as possible is the documentation that may be necessary. As I discussed with you on the telephone, we do not hold title to any of our irrigation works. All of the real property, the structures and the water rights are owned by the United States. The contracts do not provide that title will vest in the Association when payment has been made in full. Therefore, the Association will never be able to acquire title without an act of Congress. The Association does have a modest amount of equipment but it really is not significant considering the total amount of the loan which we hope to get from the Conservation Board.