Laserfiche WebLink
<br />, <br />I <br />I <br />I <br />I <br />I' <br />I <br />'1 <br />f <br />I <br />I <br />I <br />I <br />I <br />1\ <br />I <br />I <br />I <br />I <br /> <br />2.0 <br />VOUGA RESERVOIR ASSOCIATION <br /> <br />2.1 mSTORY OF THE ORGANIZATION <br /> <br />VRA was incorporated on July 7, 1955, under the laws of the State of Colorado as a not-for- <br />profit organization. VRA was incorporated for the purpose of constructing a dam and reservoir <br />on Razor Creek. The VRA office is located in Gunnison, Colorado. A copy of the Articles of <br />Incorporation and Articles of Amendment of the Articles of Incorporation are presented in <br />Appendix A. Also presented in Appendix A is a Resolution adopted by the shareholders in <br />1994, regarding the shareholders voting rights. A copy of the Bylaws and Amendment to the <br />Bylaws are presented in Appendix B. VRA currently has two shareholders, Remy and Ruth <br />Labrouche and Greg and Rodney Peterson, who own 100 percent of the corporation. However, <br />the Labrouches have contracted to purchase the Peterson's shares, and upon completion will be <br />the sole shareholders of the corporation. <br /> <br />2.2 POWERS AND AUTHORITIES OF THE ORGANIZATION <br /> <br />The VRA has the authority to make an assessment on the stock in the Company. The VRA has <br />the authority to enter into contractual arrangements and the authority to vest title to the project <br />(or portion thereof) in the Colorado Water Conservation Board (CWCB). The President of <br />VRA is Remy Labrouche. <br /> <br />2.3 FINANCIAL STATUS <br /> <br />A copy of the personal financial statement for Remy Labrouche is included in Appendix C. <br />The ability of VRA to repay the CWCB loan should be based on the assets of Remy and Ruth <br />Labrouche. The Labrouche's total liability and equity is $944,600, which is sufficient to repay <br />the CWCB loan amount. <br /> <br />242161R1.DOC 02.12-97(3:08PM)/RPT <br /> <br />2-1 <br />