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<br /> <br />Nov-02-2004 02:56pm, From- <br /> <br />T-588 P~003/003 F-338 <br /> <br />l' <br /> <br />I .~~' <br /> <br />accomplish this task.) These two figures ($44,565.00 and $5,435.00) sum to an adjusted <br />deficit of$50.000.00~ and.anOctOber 2004, Project construction cost of$252,000.00 <br />(i.e., $202,000.00 + $50,000.00 = $252,000.00). At present (October 2004), we have a <br />Reserve Account balance of$29,553.48. The Board and coe have agreed to take <br />$20,000.00 out ofihis account to reduce the $50,000.00 deficit. This brfugs us to the <br />$30,000.00 we need to bOITowfrom eweB that I spoke to you about on the phone. <br /> <br />I have computed the annlJal payment on $30,000.00 at 2.75 percent interest over 3.0 years <br />to be $1,48153. This payment computes to approxim,ately $0.74 per share of additional <br />annual cost that we will be asking our shareholder to pay (i.e., $1.481.53 I approximately <br />2,000 shares" $0.74). <br /> <br />The only other cost associated withrhe Project that I am aware of and have not accounted <br />for, is the day-to-day Project oversight cost to be pald AIdon Westbrook. our ditch rider. <br />Aldon has a wealth of experience in heavy equipment operation and related work. It has <br />b~n, ~l.1d continues to be, the Board and coe s desire thatAldon will monitor the daily <br />progress on the Project through completion. The Board has estimated the cost for this <br />service to ~e b~een $5,000.00 and $7,000.00.. This expense will be paid from a <br />separate worldng capital fund account in our budget. <br /> <br />On Thursday. November 4.2004, the Board wilt hold a special meeting to ask our <br />shareholders to approve the additional increase to cover the deficit. The Board regrets <br />the need to go back to ourshareholdel's for additional support, but we do not see another <br />viable option. . <br /> <br />. As.always.thank you for your assistance and guidance in this matter. If you have any <br />questions please call me at (970) 883-5595 (H). (970) 759.6868 (C). or (970) 385-6558 <br />(W). <br /> <br /> <br />~.U <br /> <br />Ken Beck <br />, President <br />Pine River Bayfie1d Ditch Company <br /> <br />2 <br />