PROJ00528

• Contract/PO #: C150019
• Contractor Name: Pine River Canal Company
• Contract Type: Loan
• Water District: 31
• County: La Plata
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Feasibility Study

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Section 4. TI18 Company shall have a paramount lien upon
all the shares of stock held by each stockholder to secure
the payment of any and all assessments levied on
the shares of stock of such stoc~,holder and of any and all
headgates and other appliances constructed by the Company for
the use and benefit of such shareholder foy the measurement
and diversion of water~ togetllsr with the interEst, penalties
and costs of collection of such assessments and charges.

Section 5. No water, noy the right to the use of any
water shall be sold in excess of the carrying capacity of the
ditch, except to the extent only that such water or water
right may hereafter be acquired by the Pine River Canal
Company.

,o,F.:T I CI._E I I I
Form of Certificate

Secticlf1 1~ The fOl"m of ttle CE'i"tificate fo\'" sh,~res of
stock in Qur said Company shall be determined by the Board of
Dil"ectol"s~

Ar:::T I CLE 1'';
A~3s(?~:=.~~ment 5

Section lA. Assessments ~hall be levied upon the
capital stoct( of this Company, issued and outstanding, at any
timf-2? {Oi" ,\:;h(,? pUl"pose of obtair'ling mC1ney to keep thF.-.: prOpEl)"ty
of tIle Company in good repair, and foy the payment of any
claim agairlst the Company not otherwise provided for, and
foy the ]Jyupose of obtaining money to pay the necessary
expenses of maintaining and opsyating the canals and ditches
belongillg to the Company, and to pay any and all promissory
notes, bonds or debentures, or other indebtedness outstanding
against the Company, dlld any artd all interest thereon.
All suc"h a~~;.sessmf.7:lnts shall be payabl f.? in money 2'\nd shell I
be levied pro rata on all of the shares of stock issued alld
outstanding at the time the assessment is leviedQ

Section lB. An annual sh~reholder's fee shall be due
and payable by each legal owner or owners of stock in ttle
Pine River Canal Company receiving mail at the saIne physical
addlress or box nlJmber as appearS in the Secretary recordsn
TI18 amOuflt of said fee shall be first subfnitted to the
5toc~(holdeYs of the Corporation at the annual meeting where
30% of stock issued is represented (eitller in persl~n or by
proxy) and they shall vote in favor of said amount~ No.tice
of said fee shall be given with the annual assessment notices
each year and said fee shall be subject to the same payment
schedule, iflterest, penalties afld remedies for late or non
payment as -the payment sctledule, interEst, penalties aile!
rernedies for late or nl~n payment I~f the asseSSlnl?nt levied