C153804 Feasibility Study

• Contract/PO #: C153804
• Contractor Name: Left Hand Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Feasibility Study

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The Company (a mutual ditch company formed under C.R.S. 7-42-101 to 118) is a perpetual

corporation formed "to own and operate an irrigation and water "yslem in the Nill'Ot region of

Boulder County, Colorado and in connection therewith to own, control, maintain and operate

irrigation ditches, laterals, irrigation reservoirs. head gates, flumes, weirs, irrigation water rights

and decrees, and other property of a complete irrigation system; to employ such secretaries, clerks,

auditors, attorneys, water superintendents, ditch riders, and laborers as may be needed; to divert,

store, measure and distribute water under the water rights, priorities, and decrees owned and

controlled by the Left Hand Ditch Company; to provide water to its stockholders for irrigation,

domestic, industrial and commercial purposes; and in general to carry on the business of providing

such water to the stockholders of the Corporation.. (By-Laws/Articles of Incorporation, Article III).

The original Articles of Incorporation are nearly illegible, therefore, Appendix B includes a copy

of the By-Laws/Articles ofIncorporation adopted by the Company on February 5, 1974.

The powers and authorities of the CompaIlY as exercised by the Board of Directors are listed

in Appendix B under Article VII, Section 4, llIld specifically include that "Express power and

authority are hereby conferred upon the Board to borrow money on the credit and responsibility of

the Corporation, in such sums as they may deem necessary or proper for all such purposes

previously authorized by the stockholders of the Corporation." At the Company's 1993 annual

meeting held in February 1994 the stockholders approved a motion "...for the Ditch Board to pursue

the option of the rolling (sic) compacted concrete, to negotiate the bestjinancial deal possible, and

to give the Board jinancing power to approve rmy loans needed with the maneuvering power to

accept a more feasible way to complete the project if needed" (from the minutes of the 1993 annual

meeting).

The Board of Directors consists of five persons who are stockholders in the Company. The
five Directors each represent a district or division of the Left Hand Ditch Company irrigation
system. The districts are listed in the By-Laws! Articles of Incorporation, Article VI. The officers
of the Company, consisting of a President, Vice-President, Secretary and Treasurer are members
of the Board of Directors and are chosen annually by the Board. The duties of Board of Directors

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