l.

BYLAWSOF

CONSOLIDATED HON{E SUPPLY DITCH ANDRESERVOIR COMPANY

ARTICI,E IOFFICES

The principal office of the Corporation in the State of Colorado shall belocated in cither the County of i-arimer or Weld. The Corporation may halesuch other ofTices, cither rvitltin or rlithout the stiltc of incorporation as theIloard of Directors may dcsignate or as tlte business of the Corporltion mr1fronr lime tu timc require.

dals prior to thc date on u'ltich thc plrticular aclion rtquiritrg suclttletermination of stockltoldcrs is to be taken. Il thc stock trans{'cr books arcnot closed and no record date is tlxcd for thc dcterntination ol'stockhoklcrsentitlcd to notice ofor to lotc at a mcclillg ofstockholdcrs' the datc on rihiclrnotice ofihe tneeting is nmiled shall bc the rccord datc for such detcrminatiortofstockholders. When a detcrminltion ofstockholdcrs sntitled to votc al ltny

mecting of stockholdcrs has bccn macle as providcd in lhis scction. sucltdetcrmination shall apply to any adjournment thcrtol.

6. VOTII..C l-IS'lS.The olficcr or agcnt haling chargc ofthe stock lrlnslcr books lirr sharcs oitltcCorporation shall make, al. lcast 2 days bclbrc cach ntccting ol'stockholdcrs a

conrplcte list of thc stockholders entitlcd to votc at such rllccting. {rr :ll)}adjournment thercof, arrangcd in irlphabctlcal order, with the addrcss ol' lndthc nunrber of sharcs held by each, rvhich list. for a ptriod of I dly ptior trtsuch mceting. shall be kept on file at tlrc principal olficc ofthc fbrporalionand shall be subject to inspcctiotl hv anv strlckholdcr at rny tinlc during usttrlbusiness hours. Such list shall also be produccd and kcpt open at ths tinle llndplacc of thc rnccting and shall bc subject to inspection ol any stockholdercluring the rvholc tinte oftltc nrceting. 'fhe original slock trlnslcr book shtll bcprinra ihcie cvidcnce as to \yllo are thc stockholders enlitled to exanrinc suchlist or translcr books or to vote at thc mecting of siockholders.

7. QUORU)LAt any mocting of stockholdcrs thc mdority of {he outstnnding shares of llteCorporation €ntitled to vote, rcpresented in pcrson or by proxy' shallconititute a quoruln xt a nlecting ol stockholders. ll' less thiut said nuntbcr ol'the outstmding sharcs are reprcsentcd a1 a nlccting, a mljolity ofthc shnrcs s0rcprcsented may acljoum thc nlceting lrom tirle to timc with{rut furtltcr noticcAt such adjoumed meeling at rvhich a quorum shlll bc prcscnt or tcprcsentcrl'any business rta) be transncted rvhich might havc bccn translcled al thcnlceting as originally notificd.'thc stockltnltlcrs prcseDl al a duly orgrniztdnreeting mRy continuc to trrnsact busincss ulttil adjortmrnent' notwithstln(lingthe rvithdrarval ofenorrgh stockhrllders to leavc less tlt:rn a quontnr.

8. PI{O.\IES.At all meetings ofstockholdcrs, t stockholdcr nlily vote by proxy exectttcd inrvriting b,v thi stockholtler or b)'the stockltolder's duly authoriz'ct1 attorncy infact. Such proxy sh:rll bc filed rvith thc Sccrctary ol'thc Corporation lrclirrc or

at ths lime of the nreeting.

,'\RTICLE IIS OCKIIOLDf TIS

.\NI{UAL }TEETINC.Thc date oftho ruutual mceting ofthe stockholdcrs shall be set by thc Board olDirectors cach year, but if the directors do not otltcnvise specif)', it shall beheld on the second lvlondal of f)ecernber in each year, beginning rvith theycar 1980 at the hour ol 9:00 o'clock a.m., tbr the purposc ol clectingdirectors and tbr thc transaction of such other business as may conc bcforcthe mecting. Ifthe day fixed forthe lnnual meeting shall be a legal holidaysuch meeting shall be held on lhe ncxt succeeding business day. At the 1979annual meeting and o'ery third year thereafter there shall bc elected by thcstockhokjcrs ofthe Corporation, by rvritten ballot, three (3) directors, and forall other ycars nvo (2) direclors, olthe Board composcd ofsevcn (7) directorsfbr thc cnsuing thrce (3) ycars. One associate dircctor shall bc elccted in 1980and one erch year thereatier for the ensuing one (l) ycu.

2. SPECIAL II[EI-I;\GS.Speciai mcetings of the stockiolders, for urv purpose or purposes, rutlessothenvise prescribed by statute, may be callcd by thc Presidcnt or by thcclirectors, and shall be called by the President at the request ofthe holders ofnot less than 25 pcr cent of all thc outstanding shares of thc Corporationentitlsd to vote at the mceting.

J. Pt,.,\CE OF IlE[,TING.'fhc dircctors may designate any place, cither \''ithin or without the Statcunless othe$ise prescribed by strtute, x the place ofnleeting for any annualmeeting or for any spcciai meeting called by the directors. r\ rvliver of noticcstgncd bl all stockhokicrs entitlcd to votc at a nrectirtg rnal dcsignatc an)placc, eithcr rvithin or rvithout thc state unless othenvise prcscribcd by starulc,

as thc placa for holding such meeting. Ifno designation is madc, or ifa specialmecling be otherlvise called, the place ofnreetirrg shall be the principal otficeolthe Corporalion.

,1. NOI lCE 0Ir IIEET'ING.Written or printed noticc stating thc place, day'and hour ofthe meeting and, inca-se of a specirl meetinc, the pilrpose or purposes for rvhich the meeting iscalled, shall be delivered not l€ss than [0 nor more than 90 days befbrc thcdate ofthe meeling, either personally'or by mail, by or at the direction oflhePresidcnt, or the Secrctary, or the officer or persons calling the mecting, toeaclr stockltolder oi rccord entitled to vote at strch mcctirlg. If ntailed, strchnotice shall be dcemcd to be dclivered rvhen deposited in thc United Statesmail, adtlressed to the stockholder at ille stockholdcr's address as it appcrrs onthe stock transfer books ofthe Corporation, rvith postage thereon prepaid.

5, CLOSTNG OII TR,\NSFER BOOKS OR FIXING OTIRECORD D..\TE.For the purposc ofdetermining stockioldcrs entitled to noticc ofol to vote atany meeting of stockholdcrs or any ad..ioumntent thereol or in order to make adetermination of stockholders lor any other proper putpose, the directors ofthe Corporaticrn may provide that the stock transler books shall be closed for a

stated period but not to exceed, in any casc, 20 da-vs. If thc stock lransfcrbooks shall be closed ior lhe purpose of determining stockholders entitled tonotice of or to vote at a meeting of stockholders, such books shall be closedfor at least 20 days immediately preceding such meeting. In lieu of closing thcstock transfer books, the dircctors may fix in advmce a datc as the record datefor any such de(cmtination of stockholders, such date itr any case to be notmore than 20 dals and, in case of a meeting of stockholders, not less than l0

o VO'I'ING.Ench sklckholdcr cniitlcd to votc in lccordancc rvith the tcrms attd prol'isionsofthc Articlcs oflncorporation aniJ tltese bylarvs shall bc entitled t{) ol}e vt}tc'in person or by proxy, Ibr each sharc of stock cnlitled to vote hcld b)' silchstockholdcr. A fr:rctional sharc shall be cntitled io a fractionrl vote in tlle silnlcamount as tlre tiactionai shtrr:. Upon the demtnd of any stockholder' tllc r?lcfor directors antJ ttpon zury question bcfore tltc nreeting shall be by ballot. r\llelcctions for tlirectors shall be decidcd by plLrrality votc: all other qttcstirrtsshall be dcoirled by majority vote cxccpt as othcrrvisc provided b)' the Afticlcsof Incorporation or the laws of this State.

10. ORDEI{ OIT BUSIN[SS,The oriler ofbusincss at all mcetings of'tlte stockholdcrs, shall be as follorvs

Roll Call.Proof of noticc of ttrccting or rvaivtr o f ntrticettcatling of nrintrtcs of prcccdittg ntccting.

4. I{eports ofOillcers.5. I{cports olContntittccs6. Illection oiDirectrrrs.7. Unfinishcd Busincss.8. Nerv Busincss.

11. INFOIIII'\t, I\C'[ION BY SI OCKIIOLI)ERS.

NIANNIiR OF i\C]'IN{;.

Unless othcnvisc providcd by lalv, any action required to bc takcil xt tnlecting of the stockholders, or any othcr action lvhich mty be i:rkcn at rmeetint of the stockholdcrs, mly be taken $ithoxt a nlccting if a conscnt inrvriting, serting lbrth tlrc action so takcn, shall be signcd by all of thcstockholders entitled to votc with respcct to ihc subjcct matlcr thcrtol

t2.If a quorum is prescnt, the alfirmative vote ol the majorrty ot thc shrrcsrcprcsented at thc mcetinB and cntitlcd to vote on the subjcct nattcr shall bc

Page I of5

thc act of lhc stockJtoldcrs, uniess thc \ ote of a grcalcr proporti\)lt or ntlnlbcris otherwise requtrcd b)' sttttlte or b; the Articles trf Iilcorporation or thcscb1 larvs.

I3. \'O]-ING OF SII.\RES BT'C[II,'T.\IIi STOCKIIOLDERS'Shares st:rnding in the niule olanothcr corporltion or othcr entit)

rnal be voted by such ollicer, ilgcnl or prory as thc blll*s tlf suchccrrporntion or thc orgrnizalion documcnt of such other entity lna)' prescribe,or, ln the absencc of such provisiotl, as thc board of dircctors of such otllercorporation or llte authorizcd allthorit) of such other entitl may dctcrntint

Sharcs stanriing in the nlne ofa dcceased pcrson, a minor \\'ard oran incofipctcnt pclson, nlav bc Iotcd by an administr:rtor, exccLltor, courtappointed guardian or conservator, eithcr in pelson or by' proxy \\'ithout atranslcr of such shares into the name of srrch administrltor. exccutot. cou!1appointccl guardirn or conscruator. Sharcs standing in thc narue of r tnlstcemiiy be votcd by thc trustec, either in pcrson or b}'proxy, but no trustcc sltlllbe entitletl !o vote shares hcld by the trustee lvithotli a trirnsfer ofsuch sharcsinto tltc trustte's nrmc.

Shares strnding in thc namc ol a rcceiver nral' bc voterl bv suchreceivcr and shsres held b1 or uttder thc control of a rcccir er mav be voted b1

such reccivcr rvithout thc transfcr thcrcof irlto thi rcceivcr's nantc if luthorityso to do bc conteincd itr an appropriltc order of (llc court b;' nlrich suchrccciver rvas appointcd.

A str:ckholdcr nhose shares are plcdged shlll bc cntiti€d to votcsuch sharcs until the shares ha!'e bcen transferred into thc namc of thepledgce, and there;rlter tirc pledgtc shrll be entitled to vot€ tllc sharcs sotr:rnsttrred.

Shlres o[stock held in cotenrncy by two or tnore pcrsons shall bevotcri by only onc inriil'idual as dctcrtlincd by thc cotcnrnts' and thcCorporation ma-v rcll on th€ \'otc of my onc of thc cotcnrnts rvhosc nmcoppa"rr t,, corrcspond to the namc of onc of the cotcnlnts on the rccor(ls Lrfthc Coryroration.

Neither shares of its orrrt stock belonging to this Corporltiott, norsharcs ol its orvn stock hcld b! it in .r litluciary capilclt-v, nor shilrcs ol its orlustock hcld b1 another corporation if thc rnajority of sharcs cntitlcd to votc lorthc cicction ot'dircctors of such corporation is hcld by tltis Ctrrprlrrtiort trtrlbc voted, directll' or indirectll. ilt an) nleeting rnd shall not bc countcd indetcrntinin{: thc total number of olltstindin:i sh:rrcs at all} given titnc.

Voting b) a slockholder thx! is not an individual sh:ill be allorrcdonll'upon prescntlltion to thc CLrrporation prior to or upon rcgistntion al etchstr,ikiroldcis' meeting siltislacton cvidcncc enlitling thc individual prescnting

the evidence to votc for suclt slockholdcr'Sharcs shose voting rights are vcsted in tlle Sccrctarl or an! other

oltlcer of thc Corporali0n bl agrccntcnt, court order or ollterrvisc shlll bcvoted hv thc Sccrstar! as directed bl the t3olrd of Directors

1.1. VO'I'ING RY B-\LLO'I"Voting on any question c-r in an-v election ntal be by voicc !ote unless thcprcsidlng off'rccr shall order or atl stockholder shall denrand lhlt voting bc b)ballol.

clLtst sttclt rcliiince to bc unuarrrntcd A pcrstrn rlllo so pcrlirrnis thcriircctor's drrtics shlll not have an]'liability h1'reason olbcing or hafing hcrrl

a dircctor of tlic Clorporntion 'l'hosc pcrsons iurd groups on rrltoscinfbrntation, opinions, rcpotls, and statcnlcnls a dirtct()r is cntilled lo rcl\'upon ilrc:a. Onc or morc olliccrs or etrtplttl'ccs of tlte Oorporation sholn lltcrlirector rcuonably bclieVcs to bc reliablc xnd conlpctent jn lllc llatlcrsprcsented;b. C.*,urcl, public accounlrnls' or otlter pcrstltts Ns to nlilltcrs \\llicllthe direclor rcasoltably bclicves ttr bc rvithin sttcll pcrsons' prtrlc:sionrl or

cxpcrt comPatcncc; orc. ,\ contniittce ot thc Board ttpott rvhiclt lhc tlircctor tloci ntrl scnc'duly dcsignttcd in accordrnce rvith thc provisiott of thc Articlcs ol'tn.orporotion or th€ b).1[ivs. as to mattcrs ]ithin thc comnrittce's dcsignrtr'Liautho;it), tvhich comnrittcc tllc dircctor rcasonabll' belicvcs lo nlcrilconlldcnce.

3. N(;\lllEll' l'lir-{lltli '\Nl) QLl'\l.lFlClA'l IONS''lhe numbcr olclirectrtrs ofthc Corporation shall bc ?.'l'hc Corprrralion sltlrllalro havc one irssociate director rvho will riclibcratc $ith and irssist tllcdircctors. 'fltc associirtc tlircctor shlll have no v0tc on thc Board ol L)ircctors.

ln all otlrcr rcspccls, thc it-sstlcilttc dircctor shlli bc director tlndcr thcsc b\larrs

e)iccpt as othcru'isc spccilically'pnrr,irlctl' Ilach ilircctor slrall lx;ld oll.icc ltlr tthrce 1,ear lcnrl or until lhc director's silccessol shall havc btcn electctl antl

gualitied.i. Nu Bo|ril nrcnrtrer sJrall bc cligitrlc tO bCCOntC Or rcnrrin a dircclorrvho is not a slockholtlcr ot'tlrc corporation. I'r0vidctl, h0$cvcr tltat a djrectrlr

nral-- qutliti by reason of having treen desigrrattd by a pcrstln thrt is llot iloindividual to rcprcscnt such stocklroldcr.2 When skrck ourtcrsltip is hcltl jointll' only ottc ril thc jointtnsnlbcrs mav bc elcctcd a director'3. li a rlircctor shall ceasc to bc cligiblc to bccrrtttu ttr rctttlill ltdircctol b) rcason of any of thc provisions ltcrein. suclt dirccior ntal beremol'cil b,v the \'ote ()l.tlic nrirjoritv ofthc Iloartl ot.Dircctors arttl thc r'itcr:lc1

thus crcated, filletl as hcreilallcl provitlccl Nothirg contrincLl in lhis Articlc

lllshall'orslrallbeconstrucrlttl'aflcctinanytniutncr$'hatsocverthevaliditl'ot'any actioll tlkcn at an) nlceting of tlte lloartl of llirectors

{. l{LGtlL.\l{ }lltlu lN(;s'Arcgttlrrn]cctingofthgdirectors'sltallbeheld$'ith0llt(}tllernoticetlllnllli\b11ai' inrmcrliatc:ly alicr, antl al thc sanle placc as, tltc anntral nlcciill!l t)1'

siockiroklers .rhc dircctors nr11, provitlc, [rl.rcsolution, thc tiilrc and phcc firr

thcholdilgcrIaLlditiilnalrcgttlitrnteetingswitl}()utolhelnolicctltitnsttcllrcsol Lttiott.

5. SPECIAI, }IEI''IINCS.SpccialntectingsolthcdirectOrsrnaybecrllcdbl.rrr;rtilrclctlucstol.tllcPiesiJcnt or an)-, t\vo directors. TItc pcrson or pe[sons authorized to callspccial nrcctingi of rhc directors ntav lix tltc placc tbr holtling anv spccirlnrecting of llrc dircctors callcil by theltt.

6. No'rlc'l:.Notice ofany spccial nreuting shall bc gilen xt lcast 5 drys prcviotrsll'lhcrctob,v *rittcn norice tlclivcrcd pcrsonalty' or tty clcctronic ntail or ntrilctl to eacltdircctor at tltc dircctor's b,sincss atldrcss. li'rrrailcd, sttch notice shitll bc

dcenledtobcdclivcrerlrvhentlcpilsitctlinthctjnitcdStlttesttutiisrratlilresscd, \\ilil postilgc there0n prcpliil. lfnoticc bc gilcn bl clcctrorlic ttllil.such noticc shatl bc tlcemcrl to be dclivcrcd rvllcn lhc clcctronic nlail isdclivcred to the clcctrotlic nct\!ork.'l'hc ilttcndancc ol n drrcctor irt r lrrcclillsshan conslitulc a $aivcr oI rrotice of such rDccting, cxccpt \rllcre :t tlircctor

attcnds a mceting lor thc exprcss purposc o[ objccting to thc tlilnsactit)n ol'

any busirtess trccaLtse tltc meeting is not la\rlull) callcd or constned'

7. ()uoltull.r\t any mcet-itlg ol'the directors tlte rnqority shall conslitutc a quorunt lbr tlrc

trlnsaction of btrsincss, btrt if less thm saitl nuttther ts Prcscnt IIt lt tttcttitigThe act ofthc nlfljoritv ofthc dircctors prcscnt at a ncctillg at rvltich a qttrlrttnt

is present shall bL thc act of'thc dircctors' a nlqority of the dircctors prcscnt

mii1.a,ljouilr thc mccting lionr tine t{t tinlc wilh{)ur furthcr noticc.'l'hcass.rciatc dircctor shtll not bc cotlllted in dclermirting a qurirunt

8. }I.\NNIIII, OF,\C'I'ING.

l'age 2 of5

l.

.\RI'IC]LI] IIII]O,.\RD OIT DIIII'C]'TORS

G []- ll Ia,\ l, PO\]'B RS.'lhc bLrsiness and aflairs ofthc Corporation slrall be ntnn:rgcd by its llolrd olllirccbrs. l'hc directors shrll in ali cilses lct as ir LJoard, and thel nral' adoptsuch rulcs and regulatiotls fbr thc condttct of lheir nrcctings attd thcnranrgc$enl of the Corporation, as the!' nral- tlecm proper, not inconsistcntgirh these bvlals and the larrs oftitis State.

PIlltFORll.\NCE OIi DU'IIITS'i\

l llc act of til!: rlili()rit)' o 1'1hc dircctors present at a nlecting ilt \\ hich a quoru:rlis I)rcsent shilll bc thc act olthu dircctors.

9. INI;Or{}r.\I-,\C'I'tON IrY I)It{}]C'f l)lrS.r\rrr actiorr rcquircd or pcrnritlcd to be txkcn b)' the lloerd ol [)ireclors or bi ac()illnliltec thereof'rt a rncctiflg nra1,be takcn $ilhorit a rnccting ifa ccnscnt ir]rrritirrg setling lor1h tllc action so tlken, shrll bc signed bv illl ofthc dirc.torsor all ol'thc corrmitlcc nrernbrrs cntillcd to votc with rcspcct 10 thc sr:hjcctrnilltcr lhrrco[.

10. p..rR.l'tctP,\t I{)N By ul_lac'ilro\tc }tti,rrs.Anl rnenrbcrs ol-thc []oard of L)ircctors or irny conrntittec designeted bv such[]oirrd nray prrticipittc iil n nlcetirg o1'lhe Board ol l)ircctors or comnlittec brnrrars of lclcllrone conttrcrrcc or sirnilar cunrnunications crluiprncnt b1rrlrich all persons parlicipating in thc nlectin!: can hcar cach othcr at thc silnetinrc. Suclr participartion shrll constitutc prescncc in pcrson at the lnc-cting

ll. Nlr\\'l,l'crUiA't'I,luDItuc'toRsIItrs.\)iD\',tc.\N(.ilts.Ncrrl; crcatr:d dircctorships resulting lionr an incrcasc irr lhc nunrbcr oftiircctors r[d vacrncics occurring in llrc I]olrd firr an-1 rca5on cxccpt thercnloval ol'dircctors by the stocklroldcrs nay be llllcd b) a votc of'a nu{ority'()l-llrc dircctors thcn in oflice, altlrorrgh Icss than r rlrro[rrrr erists. \'irc;rnciesoceurringl b1'rcastrt ol'lhe rerrrovirl oftiircctors b1 tlrc stock.holilcrs shall bcllllcd h"y'r'otc ol'thc stOckholdcrs. A dircctor elcctcd to fill a Yacancv c:ruscdbv rcsignltion. dcrth or rcrnovrl shail lrc elcctrd to lrold of{jcc lor tlrcuncrpircd lcrrn of thc dircckrr's prcdcccssor.

r:. lrEilovAlot,'tlilrF:crl)tts.r\n1' or all ol'lhc directors rnl]: bc rerlovcd lbr clLrsc b! 1otc o!'thcsl0ckh0l(lcrs.

lJ. It tas 1(;N.\'t't ()l\i..\ rlircctor nr:rl rcsign at an)' tinlc bl grving $ritlcn notice t0 thc I.Joard. lhcl'residcnt ur tlrc Secrctary of thc (iorporation. [Inlcss ol.llcr\r'isc spccificd inthe rroticc, lhe rcsi*rtatirxr shrll trkc ellcct upon rcccipt therfol b! thc Boardor such ofllccr, and tlrt acccptancc of'thc rcsiurxrtion shall not tlc nccessxrv 10rrrrkc it cllcctivc.

l{. c0}il,ltNti.\1'toN.No corrrpcnsrliorr sh:tll bc puitl t() dircctors, as such, lirr lheir ser\ ices. l)ut b)rcsolrrtiorr of thc lloilrd n llrcd srin: iurd expcnscs lor uctLral attcndiutce at cacltrcgular or spcciill nlccting of lhc lloard nray bc arrthorizetl. Such anrounl nrirr'l.c dcsignated as a "pcr rlienr" in lieu ot' itenrization ol cxpcnscs. Thcstockltoldcrs, or il'tlot stt Irr,' tltc stockholtlers, thc lloartl shall set thc 'pcrrlicnr." Notlring hcrcin containctl shlll bc ccrnstrued to preciude an),dlrrct(rrliorn sen ing tilc C'orporation in any other capacit) ilnd receivingc0nl pc n s at i 0n [llcrcli]r.

15. ll{llstr}ll'l'loNOIrl\ssl,lNT"A (lircctur of thc Corporrtion rvho is prcsiitlt at a ntceting of the dirc.tors, ilt*lrich action ()n iuv corporatc rnxttct is ttkcn slllll bc prcsunred to harca.\sciltcd to llrc retiorr takcn unlcss the dircctor's disscnt slrall be rntercd in thenlinutcs of lhc nlcrling nr unless tllc direck)r shall file tltc dircctor's \\'riilendisscnl to sucll actiorl rvith the pcrson xcting, as thc Secretitry of the nlcclinsbclirrc thc rdjorrmnlent tlrercof or shall forrvard such disscnt h1 rcgistercdnraii (o thc Sccrctrrl ol'thc (;orporiltjon irnntediatclv aller thc adjournntent oflhc necting. Such rtght to disscrrt slrrll not applv to a ilircckrr rvho volcd inluvor o1'suclt action

16. u\tiCU'l t\1!; ANt) 01 illiR C{)}l}ll l-t tit:s.-l'hc lloard, hy rcsohllion. nrtv dcsienatc from arnong its ntenrtrcrs lne\ccutirc contr:rillee and othcr conltnittccs, each consisting of onc or rlorcdircclors. llach strch cilntruittec sllrll serve tt lhe plcasure ofthc Borrd.

.\l{ l tCl.E t\:ortrtc-Iitts

Nt!\lBIrll.

El.I.:Ct'IOli AliD TIR]l Otr ol;FICFl.

'lhe ofliccrs ol- the (lorporirtion sltrll bc a Prcsident, a Vice-Prcsidcnt, aSccrctur) and r 'l'rcrsurcr, eaclr ol'rvhonr shall bc elccted bt thc dircctors.Sucll ollrcr olliccrs rnd ilssistant otliccrs as nray bc deerrrerl necessary nrrv bcclcctd or rppointcil bv the dircctors. All olllsers of thc Corporrtion, c\ccptthc Srcrctilry', shill bc stockhoklcrs olthc Corporation.

l he ofl-rcers of thc Corporation to be elccted b; lhc dircctors shxil be clcctcdrnBurliv at the tlrst rnceting ofthc dircctors held a{icr cach annual lnceting Lrfthc slockholders. Each olllccr slrall hold el'flce until thc olllcr:r's successorshlll have Lrccn dul-v elcctcd and slrall harr qualitrcd 0t until tllc offlccr'sdcrth or untii tlre ofllcer shall re,\ign or:i:all hav!- becn rentorcd in thtmanner hereinafier provided.

3. REIIOVAL.Anv ofljccr or rgcnt eleclcd or appointtd b\ thc direclors ntat be rentovcd brthc dircctors nhcnclcr in thcirjudgment the bcst intcrests ofti1€ Corporxtionsould br scncd thcrcb-v. but such removll sltall bc rvitltotrt prejudice to thccontract riqhts, i f an;-, ol thc person so rcnrovcd.

{. vAC.\\CIES.i uacancl in any olfice bccliuse of (leatll. rcsignltlol], renloval.disqualification or otheniisc. nra] bc {'illed b.v the directors lor thc uncxpirerip0rlion olthe tcrm.

5. PRI.SID[\T.'I'hc Prcsident shrll be thc principal crecutivc olllcer oftllc Corporation lutri.subjcct to thc control ol'tle directors, shrll in generll supcrvisc and cotltrol irllol the busincss and afliirs of thc Corporation. 'l'he Presidcnt shilll. $henprr:scnt, prrside rt all n)celings ofthe slockholdcrs and oltilc dircctors. TheI'rcsicicnt rn;r1' sign, rrrth rhc Secretar)' or an) other propcr ofllcer o1' thcCorporation thcrcunto auihorized bl thc directors, ccnificates for shlrcs of lltcC(rrporation, an)'dccds, nlortgsgcs. bonds, contracts, or other illslrunlrntsuhich the dircctors have autborizcd tr') be exccttlcd, cxccpt in clscs $Jtcrc thesisning and crL'cu{ion thereofshall bc crprcssll'delegatcd bl'thc directors orb| tlresc brlass tl) somc olhcr ofliccr or agent olthc Corporation- or sllall bcrcquired bv larv to be otjlcrwisc signed or executed; urd in gcncral shallperlbnl lll dutics incidcnt to tlre omcc of I'resi(lent and suclt other dutics ilsrnav bc prcscribcci bl thc dircctors lrrrni tinrc to timc.

6. \'ICI...PRIiSII)II.\T.l!rtilcabs.nceofthcPrcsidcnlorinevcntof'lhcl)resident'sdcath,inabilitl orrclirsrl to act, thc \ilcc-l)residrnt shilll perfonn the duties ofthe PresiJcnt. atldrrhcn so acting, shall have all the po\!ers Df and be subject to all thercstrictions upon the Presidcnt. 'fhc Vicc-lrcsidcnt shall perlorn stlcll ()thcldLrtie: us liom timc to timc nluv be assigned lo thc Vice-Prcstdcnt bl'thcl)rcsident or hv the dircctors.

7. Sl!CtiE'f,\tt\"Thc Secretarv shall keep thc iiinutes ofthe sbckholders'and oi the directors'nlcctinlrs in one or nrore books provided for that purposc, see that all noticesare dulv gircn in accordencc $ith the provisions o{'lhcsc bllarrs or asrcriuircd. bc custodian of lhe corporate rccords and of thc scal of' iheCorpontion and kcep a registcr oftltc post ofllce aildress ofcach stockltoitier*hich shall bc lumislrcd to thc Sccrctary by such stockholdcr, hirre gcncralcharge of thc stock transfcr brroks of thr: lorporalion and in gcncrll pcrlbrntall duties incidcnt to thc oftice olSecrctary and suclr othcr duties as lion] titltcto ti!ile mav hc assigncd to tl)c Secrctxry by'the l']resident or b)'the dircciors.

It. 'ltl u,\sI I I{E li.lf rcquircd b1' thc dircctors. thc -l-reasurcr shall givc a bond lor thc flithlirldischrge of lhe Trcasirrer's duties in such sr:m and rvitlr such surell' orsurctics as thc dirrctors shlll duterrnine. The Trcasurcr shall have charge andcusl.ody ol'and bc rcsponsiblc lor all lirnds ard sccuritics of lhc Corporatrrn.rcceivc rnd gilc receipls lbr rloile1,s due and palablc to the Corporrtion frontanv source \\hrtsocvcr. and dcpnsit all such nrtue,vs in the name ol thcCorporltiru in such banks, t.ust compiil)ics or other dcpositorics as shail bcsclcctcd in accordancc \\'ith these bllarvs ald in gcneral perfrrrm all ol'thctlutics incidcnt {o thc oflice of Trcasurcr and such olher dutics as frorn timc totimc ma1'bc assigncd tr) thc'l'rcrsurcr by the I'rcsident or bl thc dircctors.

9. SAI.AIUES.The salaries of the ofllccrs shall bc fixed from tirnc to time b! the directorsirnd no ol'ficer shall bc prevcnted liom rccciving such salan b;- reason of thrl'a.t that the ot.ficer is also a direclor olthc Corporation.

AII'TICI,E vCO}'TR,\C]'S. LO.\NS, CIIICKS .{IiD DT-POSI'I'S

t.

a

Page J of 5

Clertificrtcs representing sharcs of the Corporation shall bc in such lbrm asshall br rlctcrnrin.d bi the dircctors. Srrch ccrlificates shall be signed by thcPresident arrtl bv the Secretarl'or by such othcr officers euthorizctl by larv andb1 the dircctors. All ccrtificates for shrres shrll bc consecutil'ch nurrrbercd orothenvise idcntified. 'Ilre nrnre and address of tlrc stockhcrldcrs. the nunrberof shares and drtc of isiuc, shell bc cntercd on the siock transt'cr bLroks of thcCorporation. r\ll ccrtitlcltes surrcntlercri to the CorporatiLrn tbr transtcr shailbe canceilcd rnd no ne*'cr.tific:]te shlll be issucd until tlre fornrer ccrtilicrtcf'or a like numbcr of shrrcs hlvc bccn surrcndcrcd anil cancclled, c\ccpt thatin cirse ofa lost, dcstro)cd or nlutilirtcd ccrtillcatc a ne\l onc nral be issucdthcrelbr upon sucir lcrrns and iildenrnitl'to thc Corporatiot] as thc dircctorsmal prescribe. I-ost certificrtes nray also bc issucd pursuant to Section 7-.12-I ll. C.R.S., as irmendcd.

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2.(a)

1, CO:,,I'I'IL\C'I'S.l'he clircctors rnay airthorize anl ofticer or ofllcers, agcnt or agcnts, to entcrinto an] contract or crccutc and dcliver an) instrulnent in the nanre ofrnd onbeiralf of thc Corporatlon, an

6. it sllrll be tlic p(riic)'ofthc C:orporulion, its direcrors and olllctrsthat all dccrccd \!rtcr aliocatrd to or delivcred bv thc (iorpor;tltttrr to irs-stockhoklcrs ()r othcrs shall be bcnelicialll uscd and adninistcrtd onlv tithinthe houndarics ofllrc Corporation's arcr o1'scrvicc.

Iaclr stocklroldcr or pcrson rcceiring *ltcr throur:l] tltr('orponrtion's svstcnr dcsiring to cltrngc the plrcc to u.hich an\' \yater thcsiocklroklcr or pcrs{rn ntly bc cntitlcd shall bc dclivcred or to rntkc m1churge in watcr rights ofany hir:d ()r rliltIre shirll nrake prior nrittcn rcqrrest l0tlrc Ilolrrd. llin lhc opinion ofthe llolrd, srrch changc crur bc nradc uithrrutrnjury to thc ditches, thc rcscr|oirs, the Corporltion or othcr stockltolders,srrch nrrtcr nrrv bc dclivcred to sucll plircc or places ils requcsled upon suchterrns and conditions irrrposctl bv thc }lornl Aftcr such Board appror ll, suchpcrson shlll notil,v ilr *ritirrg all stockholdcrs and othcr persons aflcc{cd h1tlrc cli.ut,lc llrir)r tr ju(il clt,trrrc

ti. l:rcrpt as hcrcinnlier providerl. no wttcr shall be furrrished to othcrthirn stockholders. and to slockholdcrs orrly irr proportion ils thc arnount ofstock rhc stockholdcrs ()wlt ()r conlr()l is to llle $holc crpital stock of thct'orporiltion. l1 is rnadc tltc duty ofthc n)tnarcr ofrhis Corporalion caclr andcrrr.v ).eirr lreforc lnv *:rlcr is tira*l lionr thc rcsenojrs olthc Corporttion,to asccrltin ts neilr as nray bc the lt.t]ount ot- rrii{cr contai:ted in snitlrcscrvoirs, and to rlakc al)d esiintatc ol'thc rrtrnrbcr ofdavs s:rid \\'it!cr crn bccontinuously rtrn in tlrc ditclrcs (Jflhe ('{\rlorrtion ,,pun i b"r,, of I/10 crrbiclix)t \\'lter pcr sccond time pcr shlrc. antl stocklroldcrs desiring to usc \\.atcrfirr irrigation, nrav havc tllc sanlc turnc(l out to lhcm upon this bilsis ilt rregulrr hour on :ny' drl bctl.ccn Nlay l iirrd Octobcr 3 I erch 1.car (both datcsirrclusivc). lrr orcler that wiltcr nlay not bc run to disadvantrcc {)r witstc, it shrllbc nccc:sary thrl at lctst 20 Cll;S (irrclLrrling thc clll of thc 'losn o1'Jrihnstorvn) bc ordcrcd 1o initiatc or to c()nlinue drilv rvrtcr rlcliven senicc.,-\ll rivcr \ltcr belorrging to thc C'orporation run in the ditcllcs, tnd al1 surphrs\\;lter turncd into thc rtservoirs alicr lhcl,hlve been nreuurcd shall be tiiridcclpro ralr anlons thc sk)rkholders. All *ntcr not (lelivcrcd pursuitnl lo such callsyrrior tLr the lirst rhl olNolcrnbcr shall tlc lbrlcitcd to thc Colporation for lltcbcncfit ol'rll its sk)ckholdcrs to bc tpporlioned anrong lhenr for dclivcry,drrrirrg tlrc rlcrt succccding Vcrr. (Donrcstic $.atcr delirercd to the Trlr\n ol'.hlrnstou n alicr r'*ovcnrbcr I shrll be cxccptcd and shall lrc gove rne d bliltrrcnlcnt citlered inlo bctrvecrr Johnstotln and llrc Cornorirlion.)

.^t{'flct,r.t Iv,\SSl:lssi\I ItNl' ON S't OCti .\i\iI) Lllt,r.-

I lf tlrc Corporrliorr decrrrs il ltcccsslrr\ lo ririse lunds to krrp its(lrtclreii. clr)ilis. rrr rcscr!0irs in i:trtrl rcplrir or to pxV ant.ittilcbtednesstlrcrct.firre c.ntrrctc(l or rllc i!lrcrcst tlrcrcon, the corporltion slrall Iravcpo\\.cr to rilake an rsscssnrcnt on tllc capital stock thcreofl to hc lcvicd pro ratror1 lhe shrrcs of stock plv;rblc in rrxrncy, labor. or bolh, lor the purposc ofkcrping thc propcrly ot thc Corporation itr rood rcpair anrl frrr thc pillnlcnt ol'anv intlcbtcrlness or inlcrest tllcrer)l.

2 Iltrt no such cscssmcnt shill bc rnadc unless tllc questiu] ol'rrrakirrg tlrc ilsscssrncnl is llrst subnlittcd tr) the stocklroldcrs ol' rlre(orporrtion at an annual nlcetin{r or at a spccill nreeting callcd frrr thatpurpose, ifa quorum is prcscnl. rntJ llrc ln;tjo1iq1 ofstocL rcirescnted iil snchnrcetins. eithcr by tlrr o$,ncr ilr person or proxy, enti(led to Yotc thcrcOn shall

'.tc in lu'or ol'nrrhing such a.sscssmcnti and ir'sairi stockholdcrs fhil to hold

anv srrch nrcetin.t or l-ail to makc or arrthorizc any assessn.icnt lvitlrin nincl\,tltrl's alicr thc ckrsc ofthc f'orltorttion's fiscal Ycxr, thc dirccl{\rs slrrll it.rrcfr)\r'cr to nrrkc :url sucll asscssnlcllt at anv regrrllr or spccial nrceting crllcdtherelirt. hrr thll yeilr.

I l-lre Cbrporation hercby providcs fbr thc salc rnrl lirrlciture ofslrrrcs ol'stock for such r\\r\snlcnt as provitlcd iil subseclit}l1 (4) of thisscction ;rntl hns thc benefit of srid subsection (,1) lor the rccovcrl. ol'suchlssesslllcnts [r1, Ibrfcitrrre or salc ol the stock in dcfuult, iud lhc Corporationslrall have I pcrpe{utl licn uprtrr such slrlres ol stock antl tl}c \ratcr richlsrrprescntcd bt'the slnrc lbr any and lll such asscssnre:rls or other anrountsdrrc until tlle salrlc:rrc tirlly paid. lhc Crtrporatirtn hcrcbl,providcs rhat no*atcr shall bc dclivcrcd unlil rsscsstllcnls or any otltcr aillouDts due arc paidUrrprid asscssrncnt-s shirll ltcar iIttcrcst irt thc ritte 0l'lSl.i, pcr arinultrconrpoundcd annulll; fionr thc diltc due.

.1. Thc slrares ol stock sh:rll bc dcerrcd frrsonal proprn! ilndtransfcralrle as such in the lnlnner pri)\'idcd bv the b1,larvs. A fbrleiturc or saleofslock on failurc to pr\ thc assesstncnts or an) olhcr an)oLlllts durj lhiit frcnttinlc io tirne nrl\, bcco$tc duc tre to bc contluctcri in tlrc ntarrner pro\'iCed inlhis brlaq'. No lbrfciture of stock shall bc decltrcd as against anv cstalc oragainst anv sk)ckholder bcforc dcnrand has been nltde lbr lhe anloutlt ducthcrcon cither in pcrson or b\.\\rittcn or printcd ndicc dul! nrailed to the lastkno$n addiess ofsuch stockhslder at lcast thiq da).s prjor to thc tinle thclbr{titure is !o takc rlfuct. If thc asscssntent is not paid $ithin such 30 da}'pcriod. thrn dtij Sccretary is dirccted to canccl oI] thc books and rccords ofthrCorporatiorr. thc stock for rrhich the an(iunt duc is unpaid. and is directcd tcrrcissuc thc stock in thc nanrc ol the Corporation. At thc ncxt mnual rneetingofthc stockholdcrs ofthe Corporation, such stock shall be olfered lbr sale totlre stockholdcrs md sh:rll lrc sold to tlre highcst biddcr. If the procecds liornth. srle are insulficicnt to satisI thc anroutt due thc Corporation, includinglil rcasonablc and propcr costs of ntaking ftnd giving such notice. thcCorporation mav nraintain an action to rccovcr such deficienc1,. Thc procccdsolanl salc. olcr f,nd abovc thc atnotnt due on said shares, shall bc paid to thcdtlinclucnt stockh0lder.

Enttcrtd bl tha .stockho[dtrs of the Corporation on Drenfter ] 2, 1988..1tn.:ndi,d by tlrc .ttuckholiers of the (lorporatron on l)tct,nl;cr 10. 2001.

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