PROJ00480

• Contract/PO #: C150015
• Contractor Name: Highland Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: HB 98-1189
• Loan Projects - Doc Type: Feasibility Study

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5,7 Water shall only be delivered to lands owned or leased by shareholders, No
delivery of water down the Highland Ditch shall be made to non-shareholders absent the
agreement of the Company,

ARTICLE VI

DELIVERY SEASON

6,1 Water shall not be delivered to shareholders before May 1 st of any year. The
first delivery date may be after May 1 st and shall be determined by the Superintendent
after due consideration is given to weather conditions and maintenance requirements for
the Highland Ditch in any year,

6,2 Water shall not be delivered after September 30th or such time prior to
September 30th as the Trustees determine that weather conditions, maintenance
requirements and/or other factors require that deliveries cease earlier than September
30th,

ARTICLE VII

ASSESSMENTS

7,1 The annual assessment per share shall be determined by the Board of
Trustees at their first regularly scheduled meeting after the annual meeting, subject to an
additional assessment by the Board of Trustees on an as needed basis,
The assessment is calculated on the total stock owned by each stockholder using the
following rates:

.25 share = $107.50
.50 share = 115.00
.75 share = 122.50
1.00 share = 150.00 per share

7,2 The due date for assessments shall be April 15th, except if specifically
modified by the Board of Trustees at their monthly meeting,

7,3 No water shall be delivered to a shareholder who has not paid his
assessment, running and excess charges in full.

7.4 Assessments not paid when due shall be assessed an interest of $20 per
year per a motion passed at a Board meeting on September 19, 1994,

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