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<br />02287 <br /> <br />\ <br /> <br />-4- <br /> <br />, <br /> <br />and at least once between the dates of, July 1st and December 31st of each year,and <br /> <br /> <br />otherwise as often as shall here-in-after be provided., <br /> <br />Sixty per-cent of the duly appointed and ex-officio, members. shall constitute a <br /> <br />quorum, <br /> <br />"', . <br /> <br />At the initial meeting .of the Board, a quorum ,being present, those present shall <br /> <br /> <br />proceed to elect one of the River Drainage Basin members as Vice Chairman. of the <br /> <br /> <br />Board for a term of 'one year, and thereafter one of the River Drainage Basin <br /> <br /> <br />Members 'shall be elected. each year as Vice Chair~ano <br /> <br /> <br />All Board Members shalL serve. on-a non-salary basiso All River Drainage Basin <br /> <br />Board members shall be paid a.per'diem for their time in attending Board meetings <br /> <br /> <br />and such expenses as are nonnally,.incurred in attendine; such Buar~"meetings; with <br /> <br /> <br />the further .provision that the Board Member from any River Drainags^Basin shall 1;,' <br /> <br /> <br />personally"investigate each application for a loan from his Basin and. for..which.. <br /> <br /> <br />he."shaILbeentitled t.o t.he . per . diem..and.-expenses incidental to such investigation" <br /> <br /> <br />There s.hall. be appropriated from .the general. Funds of. the ,stat!". of Colora.do '. the~ <br /> <br /> <br />sum of Ten Thousand ($10,000000) Dollars for. the :Biennium for, the. purpose of, . <br /> <br />def~aying.the ,ini~ial meeting and, organizational program and such. other meetings <br /> <br /> <br />during the Biennium, The differential of ONE (1) PER CENT in the interest charged <br /> <br /> <br />the borrowers and what the State of Colorado has to pay on its Bonds ,under this <br /> <br /> <br />Act is expected to .defray the cost o~ administering this Act within four (4) Y8ars. <br /> <br />from its enactmento <br /> <br />From the time the income from this,.'differential of one.per cent is in excess of the <br /> <br />cost .of administering this Act, the excess shall be set.up.in a reserve fund for <br /> <br />the purpose of retiring the Bonds issued by the State of Colorado under this Act. <br /> <br /> <br />The Colorado Commissioner of Agriculture. who under this Act is designated as <br /> <br /> <br />Director and Ex-Officio Secretary of the Board shall be authorized to select some <br /> <br /> <br />suitable person who shall act as his Administrative Assistant whose duties shall <br /> <br /> <br />be: to keep the records of the acts of thIs Board~. to receive all applications for <br /> <br /> <br />loans under this Act. to provide and forward each Board member a copy of each and <br />