C150168 Contract - Laserfiche WebLink

Home Browse Search

Jim Jones of South Adams County Water and Sanitation District ("SACWSD") stated that SACWSD was willing to loan up to $100,000 as temporary financing for the project until permanent financing could be arranged, Tom Cech of Central Colorado Water Conservancy District ("Central") suggested that the Board contact the Colorado Water Conservation Board ("CWCB") with regard to permanent financing. Following a great deal of discussion Stockholder Robert Sakata moved that the Board be authorized to borrow those amounts necessary to repair the spillway as quickly as possible. Stockholder Dave Petrocco seconded said motion and it passed unanimously. President Brancucci then called on Ditch Superintendent George McDonald to report. Mr, McDonald reported that the main ditch had been turned on March 13, 2003, the Branch Ditch on March 31,2003 and that water had reached the extension April 16, 1003. The Ditch had been turned off for about two (2) weeks due to a break but had been turned back on March 2ih. A total of26,756 acre-feet had been diverted at the river headgate and 3,72 acre- feet per share delivered. The Ditch had been operated in sections from July 11 to August 26. The third section had been cleaned after the ditch had been turned off for the year. Following Mr, McDonald's report President Brancucci asked Mr. Cech of Central ifhe would like to say a few words, Mr. Cech reported that trial on Central's augmentation plan for its 1,000 irrigation wells was set for May on005. A new subdistrict had been formed to pick up those wells once serviced by GASP. The new subdistrict would need to acquire augmentation water as it would not be able to utilize any of Central's current water portfolio. It was anticipated that Central would spend over $2 million in attorney and engineering fees related to augmentation plans over the next two (2) years. In addition, the new subdistrict was pursuing a bond invitation which would give it $20 million for water and storage. Mr. Petrocco asked Mr. Cech if Central would be requiring wells to be metered. Mr, Cech replied that Central was currently doing a pilot study on metering, and the he thought the Central Board would eventually have no choice but to require the metering of all wells. Mr. Cech having nothing further, President Brancucci thanked him for his presentation. The next matter to come before the stockholder's was the report of the Attorney. Mr. Steele reported that numerous parties had brought cases requesting augmentation plans utilizing Fulton shares and that the Company and applicant's were working together to see that day to day ditch operations were effected as little as possible and to insure that all shareholders received their pro rata share of water diverted. In addition, Fulton was in the process of pursuing its own recharge plan which had a projected benefit of up to $3.9 million, with a cost to benefit ratio of 10.8 to 1. Mr. Steele closed by reporting that the SACWSD lining project was set to begin in the fall of2005, and the first portion to be substantially completed by March of 2006. The meeting then turned to the matter of assessments for 2004, President Brancucci stated that the board was recommending an increase from $22 to $30 per share. Stockholder Robert Sakata moved that the assessments be increased from $22 to $30 per share for 2004. Jim Jones, proxy holder for SACWSD seconded said motion and it passed unanimously. The final matter of business to be addressed by the stockholder was the election of Directors. Mr. Robert Sakata nominated that the current Board consisting of Paul Schmidt, Cecil King, Steve Brancucci, Clint Blackhurst and interim director Dave Petrocco, Sr., as a slate and moved that the Secretary cast a unanimous ballot, Alfred Windler seconded said motion and it passed unanimously.