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I I I I I I I I DESCRIPTION OF SPONSORING ENTITY Corporate Structure Jackson Lake Reservoir and Irrigation Company is a non-profit mutual ditch and reservoir corporation organized under the laws of the State of Colorado. The Company was formed in 1905. Refer to Appendix A which contains the Articles of Incorporation and By-laws of the Jackson Lake Reservoir and Irrigation Company. I I The Jackson Lake Reservoir and Irrigation Company has the following powers and authorities: 1. The Company has the right of eminent domain. Reference the Colorado Revised Statutes (C.R.S.) 1973 38-2-101'. I 2. Taxing or assessing authority. The Company is not a governmental body and does not have a power to impose real estate taxes. The Company has the authority to make an assessment on stock as is provided in C.R.S. 1973 7-42- 104'. I I -'." I I I I I I I I 3. Authority to enter into contractual arrangements: General powers of the corporation are set forth in C.R.S. 19737-40-102'. See (e) which gives power to transfer all or part of its property; (h) which gives the right to make contracts and incur liabilities, and (q) to have and exercise all powers necessary or convenient to affect any and all purposes for which the corporation is organized. 4. Subject to limitations of Colorado law, the authority to encumber the project or a portion thereof in the Colorado Water Conservation Board per the statutes referred to in Paragraph 3. Board of Directors There are five directors of the Company. All directors serve for one year, and are elected at the annual stockholders meeting. The President and Vice President are elected by the Board of Directors. Following is a list of the current officers and directors of the Company. Edward Frtizler, President Harold Griffith, Vice President Steve Bolinger, Secretary-Treasurer Bob Hansen, Director Phil Mortensen, Director 2