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PROJ00324
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Last modified
11/19/2009 11:22:23 AM
Creation date
10/5/2006 11:49:44 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C153522
Contractor Name
Uncompahgre Valley Water Users Association
Contract Type
Loan
Water District
41
County
Delta
Bill Number
SB 88-30
Loan Projects - Doc Type
Contract Documents
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<br />.r <br /> <br />~. <br />~ <br /> <br />. <br /> <br />. <br /> <br />EXHIBIT A <br />Page 2 of ill <br /> <br />Colorado Water Conservation Board <br /> <br />-2- <br /> <br />August 4. 1988 <br /> <br />4.(d) There are no provisions in the Articles of Incorporation or By- <br />Laws which prevents the Board of Directors from binding the Association <br />in the approval and authorizing the execution of this contract. Article <br />XIII, Section 7 of the Articles of Incorporation. as duly amended on the <br />21st day of March, 1969, provides as follows: "Except for the ordinary <br />operation and maintenance and repair, no work shall be undertaken, pur- <br />chase made or indebtedness incurred or be authorized during one year <br />whereof the cost or amount therefore shall exceed One Hundred Thousand <br />Dollars ($100,000.00) until it shall first be ratified by at least two- <br />thirds of the votes cast at a regular or special meeting of the stock- <br />holders may be called and held for such purpose under such by-laws as <br />the directors may prescribe, not inconsistent with these articles." <br /> <br />It is our opinion that inasmuch as this Association is not borrowing <br />the funds from Colorado Water Conservation Board to purchase or incur <br />an indebtedness whereas the cost differential shall exceed $100,000.00 <br />during One year, that the approval of the stockholders of this Asso- <br />ciation is not required due to the fact that the Association is actually <br />reducing its indebtedness by borrowing the funds from CWCB to pay the <br />Bureau of Reclamation the discounted contract balances. <br /> <br />4.(e) That by RESOLUTION of the Board of Directors attached hereto <br />as Exhibit "A", James P. Grett'and George C. Kubin as President and <br />Secretary respectively, are authorized to execute LOAN REPURCHASE <br />CONTRACTS, and their signatues, with the corporate seal affixed, will <br />be binding upon this Association, if entered into by the State of Colo- <br />rado, and this Association is authorized and entitled to continue to <br />levy assessments to raise revenues as the source of repayment, as pro- <br />vided by the Articles of Incorporation. <br /> <br />2. A copy of the Subscription for Stock Agreement, which includes the <br />original Articles of Incorporation, with amendm:n~s ther:to, through Novem- <br />ber 30, 1908, is attached as Exhibit "B". Cernfled coples of Amendments <br />to Articles of Incorporation after November 30, 1908 are attached as Ex- <br />hibit "c". <br /> <br />3. In addition to the <br />set forth in the Articles of <br />By-Laws, we also cite C.R.S, <br />Organization - assessments. <br /> <br />authority to levy and collect assessments as <br />Incorporation of the Association, and their <br />7-44-103 titled "Water Users Associations-- <br />Said Section 103 reads in part: <br /> <br />". "It has in addition to the powers conferred by law upon ditch, <br />canal, or irrigation companies, the power to make assessments <br /> <br />Page 2 of 3 <br /> <br />" <br />
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