PROJ00476

• Contract/PO #: C153594
• Contractor Name: Handy Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Feasibility Study

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2. Determination of matters of policy in the management of the Company
not delegated by these By-laws.
3. Control of expenditures.
4. Collection of funds due the Company.
5. Incurring debts as required for the normal operation of the Company.
6. Having annual audits of the Secretary-Treasurer account and
providing these reports to the shareholders.
7. Control of Operating and Shareholder Certificate records.

The Articles of Incorporation and By-Laws provide the powers necessary
for the Board of Directors, on behalf of the Handy Ditch Company, to enter
into the necessary agreements with the Colorado Water Conservation Board and
make the appropriate assessments to repay financial obligations incurred in
order to prudently operate the ditch company. Such powers are further
evidenced by the historical activities of the Handy Ditch Company in incurring
debt to improve or repair the ditch system.
The repairs for which this Feasibility Report is written are required by
the Office of the State Engineer in order to remove operating restrictions at
Welch Reservoir as indicated in the letter from the Office of the State
Engineer in Appendix B. A resolution authorizing the Board to pursue the
repair of Welch Reservoir No.1 outlet works is also shown in Appendix B.

D. Financial Status
Balance sheets for the Handy Ditch Company from 1969 through 1989 are
shown in Appendix C. Also included is the November 30, 1989 "Financial
Statements and Accountant's Report".

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