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SECTIONTWO <br />Description of Sponsoring Entity <br />The Company and its predecessor company, the Boulder and White Rock Ditch Company has <br />been delivering water to farmers in Boulder and Weld Counties since 1873. The diversion point <br />on Boulder Creek is located in downtown Boulder where the ditch crosses Broadway. This <br />irrigation water flowing through the City of Boulder and unincorporated Boulder County fills the <br />Company's two storage facilities; Six Mile Reservoir and Panama Reservoir. <br />The Company is a Colorado Mutual Ditch Company and aNon-profit Corporation. Articles of <br />Incorporation and Bylaws are included in Appendix A. The Company owns shares in two <br />associated companies; Boulder and Weld Reservoir Company and Six Mile No. 2 Reservoir <br />Company. <br />1. Boulder and Weld Reservoir Company. There are 946 shares in the Boulder and Weld <br />Reservoir Company. The Company owns 824 shares (87% ownership). The 122 shares <br />outside of the Company are owned by users below Panama Reservoir. <br />2. Six Mile No. 2 Reservoir Company. There are 500 shares outstanding in the Six Mile <br />#2 Reservoir Company. The Company owns 416 shares in this company (83.2% <br />ownership). The balance is owned by shareholders in the Leggett Ditch Company. <br />In December 3, 1913, the Company was incorporated and the assets of the previous company <br />were transferred to the Company. The articles of incorporation provided for 5,500 shares of stock <br />which are still accounted for and owned by the present shareholders. The shareholders of the <br />Company elect five directors at the annual meetings which direct the affairs of the company. The <br />officers include the president and the vice president; also, the Company employs a <br />secretary/treasurer and superintendent. <br />The purpose of the Company is to deliver water to the shareholders' farms for agricultural use. <br />To meet the Company's financial needs, the Company raises funds through the following <br />sources: <br />• Annual Assessment of the Shareholders (2007 assessment is $15/share) <br />• Recreational Leases on Six Mile and Panama Reservoirs <br />• Oil and Gas Leases <br />• Special Assessments to Non-Shareholders <br />~S 2-1 <br />