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<br />. <br /> <br />e <br /> <br />J. William McDonald <br />Demmus D. Harvey, Jr. <br />Page 5 <br />November 4, 1985 <br /> <br />(2) <br /> <br />Draft necessary Resolutions, <br />Bylaws, and Amended Articles <br />of Incorporation, including <br />applicable notices <br /> <br />15.0 <br /> <br />(3) <br /> <br />Prepare required filings <br />with the Colorado Secretary <br />of State <br /> <br />2.0 <br /> <br />TOTAL HOURS FOR MODIFICATION OF <br />CORPORATE DOCUMENTS <br /> <br />25.0 <br /> <br />We anticipate <br />of corporate <br />follows: <br /> <br />that legal expenses for modification <br />documents will be incurred as <br /> <br />40% x 25.0 hours x $120.00/hour $ 1,200.00 <br />50% x 25.0 hours x $90.00/hour 1,125.00 <br />10% x 25.0 hours x $50.00/hour 125.00 <br />TOTAL LEGAL EXPENSES FOR MODIFICATION <br /> OF CORPORATE DOCUMENTS $ 2,450.00 <br /> <br />b. Expenses of The Grand Valley <br />Irrigation Company for <br />modification of corporate <br />documents <br /> <br />(I) Board of Directors <br />expenses for two Board <br />meetings to approve <br />modification of corporate <br />documents <br /> <br />2 meetings x <br />10 directors x <br />$45~O /director/meeting $ <br /> <br />900.00 <br /> <br />(2) Discussions by subcommittee <br />of Board of Directors with <br />attorneys <br /> <br />3 subcommittee members x <br />6 hours x $30.00/hour <br /> <br />540.00 <br />