C153770 Feasibility Study

• Contract/PO #: C153770
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 32
• County: Montezuma
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Feasibility Study

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the Directora. A vacancy in any office mny be filled by the
Board of Directora at any ragular or apecial meeting called for
that purpoae.
Section 2. President. The Preeident ehall preaide et all
meetings of the Stockholdera and the eoard of Directore, and may
have such other povers and dutiea ae may be conferrad by the
Board of Directore. The Preaidant ahall, aubject to the
direction and euperviaion of the Board of Directore, be the Chief
6xecutive Officer of the Summit Reeervoir 6 Irrigation Company
and ehall have general nnd ective control of ita affeirs and
h¢eineen and general superviaion of its ofticera, egente and
employeea. The preeident ehall have the authority to eign all
contracta and other instrumente on behalf of the Summit Reeervoir
6 Irrigation Company, except as euch authority may be restricted
by reeolutione of the Board of Oirectore adopted from time to
Cime.
Section 3. vice Preaidenta. Vice Praeidente ehall have
euch dutias ae the Board of Directore or the Preeident mey
deiegate to them from time to time. In the absence of the
President or hie inebility to act, the dutiea and powere of tha
office shall be perfoxmed and exercieed by a Vice Preeident.
Saetion 4. Secratarv-Treeaurer. The Saczetary-Treasurer
ehall keep the minutee and net ee aecretary of all meetinge of
the Stockholdera and of the Board of Dizectora. The Secretery-
Treasurer ehall be the cuetodian of the Summit Reeervoir 6
Irrigation Company recorde. Tha Secretery-Treasurer ehall
perform all dutiea ueually incident to the office of the
Secretary-TZeeaurer, thoee dutiea apecified in theae bylawe, and
auch other du[ies ea may from time to time be aeeigned by the
board of directore. The Secretery-Traaeurer ehall have qenazal
supervieion over the care and cuetody of tha funda and eecurities
of [he Su�it Aeeervoir 6 Irrigation Company and ahell depoait
the sama or causa the eame to he depoaited in the name of the
Su�t Resarvoir L Irrigation Company in such bank or banks�
truet company or truet companiea, ae the Board of Directora may
dasignete. The Secretary-Treasurer ehall keep or cauee to be
kapt full and nccurate accounte of all receipte and dieburaementa
of the S�it Reaervoir S Irrigation Company and vhenever
required by the Boazd of Directora, ehall render or cauee to be
rendered finencial etatemente of the S�it Raeervoir 6
Irrigation Company.
Section 5. Naneaer. The Nanager ahall have charge of the
reaervoirn, canals and other proparty of the Su�it Reeervoir S
Irrigation Company and ehall eupervise all operationa of the
Su�it Aesarvoir 6 Irrigation Compsny, eubject to inetructione
from the eoerd of Directore. 6e ehall keep cecorda ae raquired
by the State of Colorndo and the Board of Directore and ehall
report to the Board of Direetore ae they may require. The
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Nanagar ahall allocate the water from the reeervoirs and the
ditchee through the Stockholder'e headgatee in the amounta to
which they are entitled.
ARTICLES VIII
Negotiable Inetrumente
Section 1. Sianature on Checka. Etc. All checke, drafts,
bille of exchange, notea or other obligationa or ordere for the
payment of money ehall be eigned in the neme of the S�it
Reaervoir s Irrigation Company by such officare or pereane ea the
Board of Directore of the Sucmit Reaervoir 6 Irrigation Company
may from time to time deeignate by reeolution.
ARTICLS IX
Dietributir.n of water to stxkholdere
Section 1. Riaht to (Jater. The ownerehip of etxk in the
Summit Aeservoir S Irrigation Compnny ehell entitle the
Stockholder to e proportional amount uf the total emount of water
available when dietributed to all other Stxkholdere.
Section 2. Schedule of Diatribution. The vatera of the
Summit Reearvoir d Irrigetion Campany ehall be diatributed
through gatee or divieion-boxee in the main cannle or ditchee of
the Summit Reservoir S Irrigation Compnny at euch time and in
amounte ne determined by the Board of Directore. All vatare
dietributed through the headgatee ahall be meaeured by n device
approved by the Board of Directore and provided end mnintained by
the Stockholder.
Section 3. Areas of Distribution. The dietribution eyetem
of tha Summit Reaervoic S Irrigation Compeny ahall be divided
into four areae ae defined ae followe:
Area One: that area abwe Joe Noore Reeervoir
Area 7VO: that area betveen Joe Moore end Su�it
Reeervoire
Area Three: that arae lying belov Puatt Raservoir
Area Four: that area ueing weter trom the main ditch veat
of Su�it Raeervoir
The above areae may be chenged by the Board of Directore ae
the beei intereete of the Summit Reeervoir i Irzigation Compeny
may require.