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<br />. <br /> <br />. <br /> <br />October 9. 1997 <br /> <br />A special meeting of the Smith Irrigation Ditch was called to order at 7PM by Keith Pankey. Members <br />present were Keith and Shelley Pankey. George and Sherry Mihel, Dennis and Julie Davidson. and guests <br />Don Pankey and Justin Pankey. <br /> <br />A review of activities since the last meeting was presented by Keith and Dennis. Discussion was held <br />concerning the increased size and cost of the irrigation sttucture being installed. The sttucture is presently <br />being put in place on the river. Keith, Shelley, Don, Dennis. Julie and Chuck have been to the site and <br />talked with the NRCS staff overseeing the consttuction. George asked about the division of monies to pay <br />for the sttucture and for each landowner's obligation. $8600 will be provided in shares based on rights <br />percemages.from the Farm Service Agency. This will be taxable income to each landowner. $50000 is <br />being loaned to the ditch from the Colorado Water Conservation Board, return payable at 4% interest over <br />20 years. The balance of the money, with the exception of approximately $10000, is being provided for in <br />grants from Upper Yampa Water Conservancy District. The balance of $1 0000 is believed to be coming in <br />additional gram money, but this has not been verified in writing as of this date. Keith and Dennis have <br />received a draft proposal for the loan money and have taken it to Russell George. attorney in Rifle, CO and <br />also Colorado State Representative. He has approved the paperwork and will help prepare a resolution <br />upon ditch acceptance of his review. A motion was made by Dennis to accept the loan as proposed and <br />prepare the resolution. George seconded the motion. Upon review of the available paperwork, the <br />resolution was unaimously accepted by all voting members, including a verbal vote from Chuck Davidson <br />in the affIrmative. The resolution as passed meets CWSB' s contract requirements. <br /> <br />A video provided by Obermeyer Co on the consttuction of the spillway gates and their company was <br />shown and discussed. <br /> <br />We are required to hold a CD in the amount of one annual payment on the loan as collateral. A discussion <br />of rates and terms was held. Shelley will call to determine which [mancial institution we should use. <br />Shelley made a motion, and Julie seconded the motion, to leave the choice up to the president and <br />secretary. They will arrange a time at their convenience to sign paperwork and arrange for the CD and <br />security account, as required by the CWCB. <br /> <br />Bills for any amounts due from individual ditch members will be sent as accrued. Future meetings will be <br />held at the home of Keith and Shelley. They will contact members in advance. <br /> <br />The meeting was adjourned at 8:30 PM. <br /> <br />~"spectfully submitted, <br />. " '.... <br />~~,-J.J':- <br /> <br />~lie Davidson. Secretary <br />Snuth Irnganon Ditch <br />