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HomeMy WebLinkAboutC03-050 Colorado River Water Conservation DistrictC~0 .5-s~j~ f~ AGREEMENT FOR ASSIGNMENT OF SHARES IN THE EAGLE PARK RESERVOIR COMPANY This Agreement for Assignment of Shares (herein "Agreement") is made by and between Eagle County, Colorado, by and through its Board of County Commissioners (herein the "County") and the Colorado River Water Conservation District, acting by and through its Colorado River Water Projects Enterprise (herein the "River District"), effective upon execution by both Parties as of the 7th day of ''~`leb~uary , 2003. RECITALS A. The Eagle Park Reservoir Project ("Project") is a water diversion and storage project located in the upper Eagle River basin. The Project is owned and operated by the Eagle Park Reservoir Company ("Reservoir Company"), a Colorado non-profit corporation. B. The River District is the owner of shares of stock in the Reservoir Company. Each share of stock represents, inter alia, an entitlement to the delivery of water from the Project, as more particularly described in the Articles of Incorporation and Bylaws of the Reservoir Company. Specifically, the River District is the exclusive owner of at least Five Hundred (S00) shares of Class A, Series 2 Common Stock in the Reservoir Company, which are capable of being conveyed, assigned and otherwise transferred to Eagle County free and clear of any and all encumbrances. C. Eagle County previously owned an interest in the Project. By Memorandum of Agreement ("MOA") dated June 15, 1998 and Assignment of Interests and Obligations of 'i the same date, the County assigned all of its prior rights to, interests in and obligations of participation in the Project to the River District. D. As more fully described in paragraph 4. of the MOA, the County retained the right to acquire from the River District up to 50 acre feet of annual yield of the Project in the form of shares of stock in the Reservoir Company or similar evidence of ownership in the Project. E. By this Agreement, the parties desire to set forth the terms of their agreement for the assignment by the River District to the County of shares of stock in the Reservoir Company representing 50 acre feet of annual Project yield, as contemplated by the MOA. Colorado River Water Co~vation District/Eagle County Agreement for Assignment of Shares Page 2 of 3 AGREEMENT In consideration of the foregoing recitals and the mutual promises stated herein, the Parties agree as follows: 1. The foregoing recitals are true and correct. 2. The Parties agree that Five Hundred (500) shazes of Class A, Series 2 Common Stock of the Eagle Pazk Reservoir Company (the "Stock") represents 50 acre feet of annual yield of the Project, as described in the Articles of Incorporation and Bylaws of the Eagle Pazk Reservoir Company. 3. The Parties further agree that, according to the formula set forth in pazagraph 4 of the MOA, the price to be paid by Eagle County for 50 acre feet of annual yield of the Project is Three Hundred Thirty Seven Thousand, Eight Hundred Sixty Eight and 77/100 Dollazs ($337,868.77). 4. Upon payment to the River District of the sum set forth in paragraph 3. above, the River District shall execute and deliver to the County the attached Assignment of Shazes to accomplish the assignment to the County of all of the River District's right, title and interest in and to the Stock, free and cleaz of all encumbrances, representing 50 acre feet of annual yield of the Project. 5. Following execution of this Agreement and the Assignment of Shazes, the Assignment of Shazes shall be presented jointly by the Parties to the Eagle Park Reservoir Company with a request for cancellation of Certificate Number 20, and issuance of new certificates in the amount of 1,500 shares of Class A, Series 2 Stock in the name of the River District, and 500 shazes of Class A, Series 2 Stock in the name of the County. 6. The Parties agree to promptly execute, acknowledge and deliver any additional documents that may be reasonably necessary to accomplish the purposes of this Agreement. 7. This Agreement and all rights and obligations herein shall be immediately binding upon and inure to the Parties and their successors and assigns. [Signatures of the Parties appear on the following page] Colorado River Water Con~ation DistrictBagle County Agreement for Assignment of Shares . Page 3 of 3 COLORADO RIVER WATER CONSERVATION DISTRICT, Acting by and through its Colorado ~r Projects Enterprise ~u M. Mathis, Vice President ATTEST: R. Eric Kuhn, General Manager o~' ~( ATTEST: *\ ~'e c 0 o~ B3 ~e ,_ o L. Simonton, Clerk & EAGLE COUNTY, COLORADO, BY AND THROUGH ITS BOARD OF COUNTY COMMISSIONERS • i ASSIGNMENT OF SHARES This Assignment of Shares is made this 12~' day of March, 2003, by the Colorado River Water Conservation District, acting by and through its Colorado River Water Projects Enterprise ("Assignor") to Eagle County, Colorado, by and through its Board of County Commissioners ("Assignee"). Assignor holds and owns Certificate Number 20 of the Eagle Park Reservoir Company for 2,000 Shares of Class A, Series 2 Stock. Assignor intends to assign to Assignee 500 of the 2,000 shares represented by Certificate Number 20. WITNESSETH: FOR VALUE RECEIVED, the receipt of sufficiency of which is hereby acknowledged, Assignor hereby sells, grants, conveys, transfers and assigns to Assignee, its successors and assigns, all of Assignor's right title and interest in and to 500 shares of Class A, Series 2 common stock in the Eagle Park Reservoir Company, free and clear of any and all encumbrances. To have and to hold unto Assignee, its successors and assigns forever. IN WITNESS WHEREOF, Assignor has executed this Assignment on the day first above written. ASSIGNOR: Colorado River Water Conservation District, acting by and through its Colorado River Water Projects Enterprise BY: Paul J. O resident ATTEST: ~Z C~CC.,.~_ R. Eric Kuhn, Secretary/General Manager ,c b0 y •~ ~~ A oa ~~ 3 o~ Ua a`i a~ >~ a" ~~ w O G U~_ N N .~ U ~ )c o N ® 1 ` / ~Wl ~~1 I J .~ ~\ G~ v U ~ 0,.~` ~o ~~ ~ ~. ~~. ~~ a~ ~ .~ ~~ W ~` \\ Q • ~\. ~~ \ •. p\~ m 'O a w 0 O