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<br />.. <br /> <br />.. <br /> <br />C/537(() <br /> <br />MOSES, WITTEMYER, HARRISON AND WOODRUFF, P. C. <br /> <br />LAW OFF'ICES <br /> <br />1002 WALNUT STREET, SUITE 300 <br /> <br />DAVID L. HARRISON <br />CHARLES N. WOODRUFF <br />JAMES R. MONTGOMERY <br />TIMOTHY..J. BEATON <br />VERONICA A, SPERLING <br /> <br />BOULDER, COLORADO 60302 <br /> <br />RAPHAEL..J. MOSES <br />JOHN WITTEMYER <br />ROBERT E. L. BEEBE <br />DAVID M. BROWN <br />COUNSEL <br /> <br />HUNTLEY STONE <br />SPECIAL COUNSEL <br /> <br />TELEPHONE: (3031 443-8782 <br />TELECOPIER: {303l 443-8796 <br /> <br />GILBERT Y. MARCHAND, JR. <br />AMELIA S. WHITING <br />CHRISTOPHER G. WITTEMYER <br /> <br />ADDRESS CORRESPONDENCe: TO: <br />P.O. BOX 1440 <br />BOULDER, CO 80306-1440 <br /> <br />October 5, 1995 <br /> <br />Daries C. Lile, P.E., Director <br />Colorado water Conservation Board <br />1313 Sherman Street, suite 721 <br />Denver, Colorado 80203 <br /> <br />Re: Lower Arkansas Water Management Association Loan <br /> <br />Dear Chuck: <br /> <br />As requested by the Attorney General's office, we are <br />providing this opinion letter to complete the process for the <br />Colorado Water Conservation Board's $750,000 loan to the Lower <br />Arkansas Water Management Association ("LAWMA"). This opinion is <br />based on a review of the following documents: (1) LAWMA's bylaws <br />and articles of incorporation; (2) May 23, 1994 opinion letter for <br />LAWMA's Feasibility study Loan ("May 23, 1994 opinion letter"); (3) <br />sample of LAWMA' s ballots for the 1995 board of directors election; <br />(4) LAWMA Member Votes 1995 summary table; (5) Report of the <br />Election Committee for the 1995 board of directors election; (6) <br />Minutes of the February 21, 1995 stockholders Meeting; and (7) <br />affidavit of Donald F. Higbee, secretary and treasurer of LAWMA. <br />Copies of all documents are attached. <br /> <br />As the May 23, 1994 opinion letter and Mr. Higbee's affidavit <br />indicates, until 1995, LAWMA used to elect its board of directors <br />through the voting structure described in LAWMA's bylaws, rather <br />than as prescribed in its articles of incorporation. This <br />discrepancy was noted in the process of obtaining the Feasibility <br />Study Loan from the State. As discussed in the May 23, 1994 <br />opinion letter, LAWMA' s failure to adhere to the articles of <br />~~corporation did not invalidate the actions of the board of <br />