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<br />" <br /> <br />\ ' <br />.~-- :! <br /> <br />. LOAN <br /> <br />EXHIBIT A . <br />REPURCHASE CONTRAC <br />Page 1 of 11 <br /> <br />KREIDLER l). MOXLEY <br /> <br />JOHN E. KREIDLER <br />GREGORY D MOXLEY <br /> <br />ATTORNEYS AT LAW <br />15 NORTH UNCOMPAHGRE <br />P.O. BOX 157 <br /> <br />TELEPHONE <br />249,3451 <br />AREA CODE 303 <br /> <br />MONTROSE, COLORADO 81402 <br /> <br />August 4, 1988 <br /> <br />r\\-\i\ 1', r r ~ \' <br />I.,'} L .... <br />, ,\\JG 8 1933 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />CrL( <br />C" <br /> <br />Attention: David B. Walker, Deputy Director <br /> <br />. <br />RE: Uncompahgre Valley Water Users Association -- LOAN REPURCHASE CONTRACT <br /> <br />Gentlemen: <br /> <br />As attorneys for the Uncompahgre Valley Water Users Association, a Colorado <br />corportion, not for profit, hereinafter referred to as the "Association", <br />we hereby reply to your letter of July 11, 1988 to Jim Hokit, Manager of <br />this Association. <br /> <br />1, First, we refer to paragraph numbered 4 of Mr, Walker's letter <br />and will respond to the paragraphs as set forth therein: <br /> <br />4. (a) <br />Uncompahgre <br />is the duly <br /> <br />That James p, Grett is the duly elected President of <br />Valley Water Users Association, and George C. Kubin <br />elected Secretary of the Association; <br /> <br />4.(b) That James P. Grett as President, and George C. Kubin <br />as Secretary of this Association, are the officers duly authorized <br />to execute contracts, etc" on behalf of the Association (Article X, <br />Section 6 of the Articles of Incorporation provides: "All contracts <br />and instruments in writing executed for, or in behalf of the Asso- <br />ciation, shall be so executed in the names of the Association by the <br />President and Secretary and shall have the seal of the Association <br />affixed thereto." <br /> <br />A copy of the RESOLUTION by the Association's Board of Directors <br />approving the contract and authorizing the President and Secretary <br />to execute same is attached as Exhibit "All. <br /> <br />4.(c) The Board of Directors of this Association is the entity <br />with the authority to approve the contract without a vote of the <br />stockholders as provided by Article VI of said Articles of Incorporation. <br /> <br />Page 1 of 3 <br />