PROJ00529

• Contract/PO #: C153785
• Contractor Name: Chipperfield Lane Ditch, Inc.
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

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~irst be submitted to the stockholders at the regular annual
meeting held in January, or at a special meeting called for
that pUt-pOSf..~, i.f cl quorum is pt-esent, and a majol'~ity Or the
stock represented at said meeting, either by the owner in
person or by proxy. entitled to vote thereon shall vote in
favor of making SLlCh assessment. In caSE the stockholders
~ail to hold any su~h meeting or fail .~o make or authDrize
an a6sessment by the last day o~ March in any year, then the
Directors shall have the power to make such assessment at
any regular meeting or special meeting called for that
pLtt"p':Jse. 1:.1 I such assessments are to be levied eqLlal1 y Dn
each share Df stock, independent of the point or points
where water is diverted from the company's ditch, such that
each share bears the same burden.

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B. t3pEC:C.1a.l A<,;sessments. Each share Df stock issLled will
also be subject to special assessments at any time when
required because of unforeseen circumstances or casualty to
the ditch or its appurtenances. As in the case of the
regular annual assessment, special assessments will be
levied equally on each share a~ stock issued, and must first
be approved by the majority of the stDck represented at a
meeting called ~or that purpDse. If such assessment is not
approved, the Board of Directors will have the power tD make
such assessment at a regular Board meeting or special
meeting called ~or that purpose.

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c. ~ollection o~ Assessments. Notice Q~ assessments shall
be mailed by the Secretary to each stockholder, and said
assessment st,all be due and payable thirty days after notice
o~ such assessment is delivered in person or"mailed to the
address o~ record pf each stoc~,holder. Notices are to be
delivered or inailed within one week after determination o~
the assessment has been made. I~ assessments are not paid
with~.n thirty days a~te~ delivery or mailing o~ such notice,
the Board of Directors, or arlY other person acting under it,
shall have ~ull authority to close and lock the diversion
gates o~ any delinquent stockholder. Thereafter the use o~
water to which a delinquent stockholder would otherwise be
entitled by other stockholders shall not give any such
delinquent stockholder any right of action Dr claim against
either the company or the other stockholders. Additionally,
stockholders whose assessments are past due ~hall be charged
interest at the rate o~ 3% per fnonth, or the maximum rate
Colorado state law will allow, on the original amount
assessed, until all payments including the original
assessment and interest thereon shall be paid.

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Pai;JE\

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