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MINUTES ANNUAL MEETING LOWER SACRAMENTO CREEK RESERVOIR COMPANY August 26, 2004 The annual meeting of the Lower Sacramento Creek Reservoir Company held on this date at 2525 South Wadsworth Blvd., Lakewood, Colorado was called to order at 4:00 P.M. by John McGill, President. In attendance were John McGill for Sun Mountain (175 shares), William Blatchley for Mountain Mutual Reservoir Company (932 shares), George Oliver for Valley Of The Sun (1311), Charlie Fick and Judy Ahrens for Venture 73 (127 shares),J R Ratliff for Foxtail Pines (873 shares), and FC Spruce Hill, LLC (166 shares) by proxy. A total of 3418 shares of 3700 were present to constitute a quorum of 92%. Minutes of the previous constituted meeting of August 28, 2003 were read and approved. Treasurer's report on the finances of the previous year were read and approved. A report on the operation of the company was given. No significant change from the normal was reported. There was an extended discussion on which option to use in repairing the reservoir and what length of time to request a loan from the Colorado Water Conservation Board. As a result of the discussion the following two motions were made and passed with unanimous votes. 1. Line the sides and bottom of the reservoir and use only the minimum area of rip rap as required by the State Engineer Office Division of Dam Safety. 2. Ask for a loan of $400,000 with a 20 year payback. A motion was made and seconded to make two assessments this year as follows. The first one in the amount of $2.00 per share will be due by October 31, 2004 and a second special assessment of $27.00 per share will be due by April 1, 2005. The motion passed. The selection of Blatchley Associates, Inc. as the operator of the company was approved at an annual rate of $2,000. A motion was made, seconded, and passed to purchase $1,000,000 of liability insurance for $850. APPEND IX "j/A TO LOAN CONTRACT C]150195