PROJ00499

• Contract/PO #: C153768
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Bent
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Feasibility Study

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4. To make rules and regulations and set policies for
the transaction of the business of the corporation,
and for the control, management, and distribution
of water by the corporation.

5.

To prescribe
membership and
applications.

the
to

form
approve

of
or

applications
reject all

for
sC.ch

6. To levy assessments on stock, dues, and fees at
such times and'in such amounts as to the Board of
Directors shall seem necessary, and to provide for
the manner of receiving and collecting such
. assessments, du~s, and fees and to enforce the
collection thereof.

7. To approve or reject any transfer of membership or
the rights associated therewith, and to approve or
reject any transter of stock.

8. To provide for the maintenance of accurate records
and books of account. for the affairs and business
of the corporation, and to cause regular audits to
be made at least once each year.

9. To approve and direct all disbursements out of the
funds of the corporation and to borrow money as it
may be necessa:t:y upon the credit and for the
benefit of the corporation, said indebtedness to be
approved in the form of a resolution duly recorded
in the minutes of the directors' meeting.

Section 6. Specific Powers Relating to the Administrat:.on
of the Plan for Augmentation and Allocation of Water. In
recogni tion of the variability in the needs of different members
and among shareholders (such as the difference between sole SOUl:ce
and supplemental well pumpers) and the variability in water
availability in different Years and different hydrological
circumstances, the Board of Directors shall have exclus:i.ve
authority to determine the allocation of water for replacement
purposes each year. ' The Board shall also have exclusive author:i.ty
over all aspects of operation of facilities and water accounts of
the corporation. The Board may adopt rules to provide further
detailed guidance with respE:oct to such administration and
allocation,

Section 7, Vacancies: Vacancies among the directors and
the officers of this corporation shall be filled for the unexpired
term by majority vote of the Board of Directors,

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