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MINUTES BOARD OF DIRECTORS MEETING LOWER SACRAMENTO CREEK RESERVOIR COMPANY January 6, 2005 A called meeting of the Lower Sacramento Creek Reservoir Company was held on this date at 2525 South Wadsworth Blvd., Lakewood, Colorado was called to order at 3:00 by John McGill, President. In attendance were John McGill, George Oliver, William Blatchley, Merlin Ahrens, and J. R. Ratliff, which constituted the entire board. In addition, Kip White ofKRW, Consulting, Inc. and six non-voting lot owners were in attendance. The purpose of the meeting was to receive an update on the rehabilitation status of the Lower Sacramento Creek Reservoir. In the process of refIning the feasibility study data it was revealed that the reservoirs capacity was only 26 acre feet instead of the 37 acre feetas surveyed in 1980. To help the company determine the best plan of action, KRW prepared an estimated cost to create two scenarios of repair, 30 acre-feet and 40.5 acre-feet. See the attached memo. The cost of the two scenarios was $12,414 per acre-foot and $13,992 per acre-foot respectively. Because the full capacity of all shareholders except Mountain Mutual Reservoir Company (MMRC) was essential the Board voted unanimously to instruct KR W to prepare plans for a capacity of 37 acre-feet less the number of shares that MMRC might choose to relinquish. This new estimate will be used as part of the loan application to the Colorado Water Conservation Board. The Board voted unanimously to make the loan application to the CWCB based on the maximum construction cost of $600,000 for a 20 year loan and 25% down payment by the company. The Reservoir and future assessments will be used as collateral for the payments. The intent is to have the application in before the deadline for the next meeting of the CWCR The meeting was adjourned at 5:00. Respectfully Submitted 7 d ~/ /'. l4/d4- J1/iJ~/-tl1~ William M. Blatchley Secretary APPE,ND I,'X 36 TO LQAN CGNTRACT CJ 50195