PROJC01797 (2) - Laserfiche WebLink

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With the buy in of Little Thompson, the annual debt service cost is estimated to be in a range of $20 to $30 per acre foot. The Board was of the belief that the rehabilitation could not be done any cheaper than right now. They agreed that the time is now to get Little Thompson to sign a letter of intent. Mr. Young indicated that the Ditch Company needs to address four factors: 1. Any issue with Boulder County permitting needs to be addressed. The understanding is that at this time, Boulder County's concerns with the project from correspondence from Greg Oxenfeld pertain to the condition of the County roads due to the construction activity. The road issues are in the specifications of the project and are understood to be the responsibility of the contractor. 2. The Ditch Company needs to firm up the relationship with Little Thompson. 3. A new loan application will need to be submitted to CWCB. 4. With the estimated costs discussed, there is very little room for change orders once construction commences. A savings on rip rap is expected in that some of the material on site can be used. Additionally, the suggestion was that there could be some cost savings if the Ditch Company does some of the construction work that would not be involved with the dam safety. The suggestion was made to review the minutes of the annual meeting to affirm that the Board has the authority to move forward without a special stockholder meeting. The recommendation was also to check with URS regarding the deadline for acceptance of the DeFalco bid. There was a motion made for a Resolution of the Board of Directors to proceed with a new loan application with CWCB for $1,500,000. This motion was seconded which passed unanimously. In President Markham's absence, Vice President Litzenberger will sign the Resolution. There was also a motion with second and unanimous approval to engage attorney Gunlikson to review the Company Articles of Incorporation and By-laws and advise whether or not the Board of Directors has the authority to set assessments for debt service and operation as well as to apply for an increase of the CWCB loan without shareholder approval. The recommendation was to confirm the deadline date on the DeFalco bid and to get the Board Resolution and loan request to CWCB. Superintendent Armstead suggested that the Company needs to establish a policy for the timing on transferring Big T water out of the system. He indicated that he needs time to plan on how much Big T water will be carried over and he just recently received a request by a shareholder to transfer water out. A motion was made with second and unanimous approval to establish October 10 of each year as the deadline date for transferring Big T water out of the Ditch.