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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />Chapter 11- Description of Sponsoring Entity <br /> <br />The Company is a corporation formed .. to purchase, acquire, own, operate, use, control, <br />manage, superintend and maintain canals and ditches for irrigating and domestic purposes, to which <br />use the water is intended to be applied; and more especially to purchase, acquire, own, use, operate, <br />control, mange, superintend and maintain that certain canal and its appropriations heretofore <br />constructed and owned by the New Loveland and Greeley Irrigation and Land Company, the water <br />privileges to which are derived from the Big Thompson River, with headgate located in the Northwest <br />quarter of the Southeast quarter of Section 15, Township 5, North of Range 69 West, in Larimer County, <br />Colorado, as constructed by The New Loveland and Greeley Irrigation and Land Company. Also to <br />acquire, hold use, own and enjoy all the priorities of appropriations, property and water rights, <br />privileges, franchises and right-of-way formerly owned, possessed and enjoyed by the said The New <br />Loveland and Greeley Irrigation and Land Company; to divert from said river and run through said <br />canal and deliver to its consumers and appropriated water entitled to be drawn through the same; also <br />to carry and deliver other water for irrigation lawfully entitled to be drawn through said canal, upon <br />such terms and at such times as shall be fixed by its Board of Directors." (By-Laws/Articles of <br />Incorporation, Article II). Appendix C includes a copy of the By-Lawsl Articles of Incorporation <br />adopted by the Company on October 2, 1984. <br /> <br />The powers and authorities of the Company as exercised by the Board of Directors are listed in <br />Appendix C under Article X and specifically include that "The Board of Directors shall have the power <br />to make such prudential by-laws as they shall deem proper for the management of the affairs of the <br />Corporation, not inconsistent with the laws of the State." and under item D. of Section 7. Powers of the <br />Board of the Company's By-Laws the Company has "express power and authority hereby conferred <br />upon the Board from time to time to borrow money on the credit and responsibility of the corporation in <br />such sums as they may deem necessary or proper for the purposes and interests of the corporation in <br />such form and for such time as they may deem proper, and to pledge or mortgage all of the franchise <br />and property of the corporation, both real and personal, to secure the repayment of such loans. " <br /> <br />The Board of Directors of the Corporation consists of eight persons, who are stockholders, and <br />who are elected annually, and hold their offices until their successors are elected and qualified. The <br /> <br />Horseshoe Dam NO.2 Outlet Works Study <br /> <br />BDYLE <br /> <br />10 <br />