PROJC01503

• Contract/PO #: C153829
• Contractor Name: Eagle Park Reservoir Company
• Contract Type: Loan
• Water District: 37
• County: Eagle
• Bill Number: SB 96-153
• Loan Projects - Doc Type: Application

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while the withdrawing Contracting Party was a party. Upon
withdrawal, a withdrawing Contracting Party shall have no
further interest, right or title in or to any assets or
equity of the Authority, and shall forfeit its status as a
"Contracting party" with regard to its Board of Directors
position and voting rights inherent therein, unless there is
a specific agreement to the contrary; provided, however,
that any water rights conveyed, assigned, leased or other-
wise contributed to the Authority by a withdrawing Contract
Party shall immediately vest in such Contracting Party.

8. Distribution on Termination.

8.1 Distribution of Assets: In the event of the
recissionor termination of this Agreement and the
dissolution of the Authority, all of the assets of the
Authority shall immediately vest in the Contracting
Parties, subject to any outstanding liens, mortgages or
other pledges of such assets. The interests in the
general assets of the Authority conveyed to each Con-
tracting Party shall be that proportion which the
average annual amount of treated water sold to each
Contracting Party bears to the average annual total
amount of all treated water sold by the Authority to
all Contracting Parties. Proviaed, however, that the
Contracting Parties may otherwise provide, by unanimous
agreement, for disposition of any and all interests of
the Authority to any successors to the Authority, or
for any alternative disposition among the Contracting
Parties.

8.2 Distribution of Water Rights. In the event
of the recission or termination of this Agreement and
the dissolution of the Authority, all right, title and
interest of the Authority in any water rights of the
Authority shall, immediately vest in the Contracting
Parties as follows:

a. As to any water rights or interest therein
conveyed, assigned, leased or otherwise con-
tributed to the Authority by a Contracting
Party, such water rights shall immediately
vest in the Contracting Party which conveyed,
assigned, leased or otherwise contributed
such water rights to the Authority.

b. As to any other water rights of the Authority,
the interests in such water rights conveyed
to each Contracting Party shall be distributed
in accordance with the provisions of paragraph
8.1 above.

9. Execution of Contracts.

Except as otherwise provided by law, the Board of
Directors may authorize any officer or officers, agent or
agents, to enter into any contLact, or execute and deliver
any instrument in the name and on behalf of the Authority.

10. Negotiable Instruments.

All checks, drafts or other orders for payment of
money and all notes, bonds, or other evidences of indebted-
~ess issued in the name of the Authority shall be signed by
su~h officer or officers, agent or agents, employee or em-
ploy~es of the Authority, and in such manner as, from time
to time, shall be determined by resolution of the Board of
Directors.

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