Establishment of Water Resource Authority Sample Clauses

Establishment of Water Resource Authority. The Members hereby create and establish a water resource authority known as the “Chatfield Watershed Authority” (hereinafter, the “Authority”), pursuant to Sections 29-1-203 and 29-1-204.2, C.R.S to carry out, and only carry out, the provision of this Agreement and to advance the purposes and goals of the Authority as set forth in Article I, Section 2 below. The Authority shall be a successor entity to the Chatfield Watershed Authority as previously organized, shall assume the same functions, services, systems or facilities and shall be entitled to all rights and privileges, and shall assume all obligations and liabilities of such former organization. The Authority shall be a separate governmental entity and political subdivision and public corporation of the State of Colorado, separate from the parties to this Agreement, and shall have the duties, privileges, immunities, rights, liabilities, and disabilities of a public body politic and corporate. The provisions of articles 10.5 and 47 of title 11, C.R.S. shall apply to moneys of the Authority.
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