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RECORD OF PROCEEDINGS The Lake Meredith Reservoir Company, Ordway, Colo. The Lake Meredith ReservOir Company - Annual Meetmg The annual meeting of the stockholders of The Lake Meredith Reservoir Company was held in the office of the Company, 331 Main, Ordway, Colorado, on January 27,2003. Thirty-One people were present shown on the attached attendance roster. Bob Robler called the meeting to order at 11:25 a.m. and asked for nominations for Temporary Officers. Alvin Carter nominated Bob Robler as Temporary Chairman and Scott Campbell as Temporary Secretary. Orville Tomky seconded and asked nominations cease and a unanimous ballot be cast for the nominees, motion carried. The Temporary Chairman appointed: Registration Committee: Shirley Muth and Allen Ringle Resolutions Committee: Philip Saletta and Alvin Carter The Registration Committee reported there are 38,748.83363 shares registered, either in person or by proxy. There are 40,621.385 shares outstanding and eligible to vote. This majority allowed the Chairman to declare a quorum was present for this meeting. Gerald Jordan moved the Temporary Officers be made Permanent Officers for the business of this meeting, second from Orville Tomky, and the motion carried. Orville Tomky moved to dispense with the reading of the Call of the Meeting, Philip Saletta second and motion carried. Mr. Don Saling moved that we dispense with the reading of the minutes and Mr. Carter seconded. After a tied voice vote, the Chairman asked for a vote by raised hands and detennined that thc minutes should be read. It was suggested the minutes of last year's meeting be mailed out with the CalI of the Meeting and that will be done next year. Secretary Scott Campbell read the Minutes of the 2002 annual stockholders' meeting. Orville Tomky moved the minutes be approved as read, Philip Saletta second and motion carried. The Chairman called for nominations for the Election of Five Directors to serve for the ensuing year. Gerald Jordan nominated the same Directors as were just elected for the Colorado Canal Company, Philip Saletta, Scott Campbell, Bob Robler, Orville Tomky and Alvin Carter and moved nominations cease and the Secretary cast a unanimous ballot for the five nominees to serve for the year 2003, Carl McClure seconded and the motion carried. The Chairman declared the Nominees elected as Directors to serve for the term of one year and until their successors have been elected and qualified. Engineer Steve Steffens gave a presentation on the proposed new outlet channel. He gave a detailed handout of the large charts and maps he used for illustrations. A copy of this Preliminary Report is attached to these minutes. The proposal is for using two outlet works, the original channel and a new channel; a breakwater dike and a maintenance bench to facilitate channel maintenance.. The hydrology study continues to detennine the need for a spillway and the proposed work and gate automation may help satisfy that State requirement The total amount of the preliminary cost estimate was $1,503,800. Considerable discussion followed the presentation. Allen Ringle reviewed the proposed budget that is included in the attached Annual Reports. He stated the State legislation has changed operating practices for the Colorado Water Conservation Board and now they.can loan up to $1,000,000 for small construction projects by vote at their regular board meeting. Their ne:>.1 meeting is March 25 and if an application is submitted by Friday, January 31, 2003, they could act on it at that time. The current interest rate is 4.5% for 30 years. The remaining costs could be financed locally if needed, so the proposed $5.50 assessment for this year assumes the project will be totally financed. It IS projected that the assessment next year could be at $4.50 per share. Mr. Jim McGrady suggested we check with the Colorado Water Resources Power Development Authority for a financing alternative. He has had good success working with them in the past. It was agreed to pursue both entities for loans. Alvin Carter read Resolution No. 2003-1, proposing an assessment of $5.50 per share to meet the cash requirements set forth in the 2003 budget Matt Heirnerich moved to adopt Resolution No. 2003-1 levying an assessment of $5.50 per share for 2003, Philip Saletta seconded and motion unanimously carried. The Annual Report of Allen Ringle is attached and remains the same as presented at the Colorado Canal meeting. Matt Heimerich reported that Crowley County Lake recreation development is progressing. This year the boat dock was renewed at Lake Meredith with company help. They have sought different grants and funding and are still pushing forward to improve the Lakes and appreciate the cooperation of the Company. Mr. Robler expressed the appreciation of the Companies for the County's efforts, the relationship has been very beneficial and the areas are all looking much better. Mr. Robler announced that there would be a special meeting of the Board of Directors following this meeting. There being no other business to come before the meeting, the Chairman declared the meeting adjourned at 12:35 a.m. Secretary '0. S8 ~ c:~ Q! e-S 8! .s ~ U).Q ._~ ... u ii~ EC jj U) .- 0 .&:. ... t-.E