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FEASIBILITY OF THE CONSTRUCTION <br />OF THE ~ <br />RIVERSIDE RESERVOIR EMERGENCY SPILLWAY <br />This report describes the Riverside Resenroir and Land Company, the need for the <br />emergency spillway on Riverside Reservoir, spillway altematives and the selected project, <br />and the financial ability of the company to repay money borrowed to construct the project. <br />PROJECT SPONSOR <br />GENERAL <br />The Riverside Reservoir and Land Company (RRLC) is a non-profit corporation formed <br />under the laws of the State of Colorado and operates under 401 C-12 of the IRS code for <br />agricultural organizations. RRLC was formed in April 1902 to construct and operate <br />Riverside Reservoir and the Riverside Canal for the benefit of the shareholders. The <br />RRLC was incorporated in 1904. There are now 10,020 shares of stock outstanding of <br />the original 12,000 issued. There are 2,505 rights in the company, each representing four <br />shares of stock. Rights are generally used in any discussion concerning stockholders of <br />the company; however, it must be remembered that one right is equal to four shares. <br />The company is managed by a five member board of directors elected on an annual basis. <br />RRLC officers include a president and vice president elected by the board of directors. <br />The secretary treasurer is hired by the board and serves at the pleasure of the board. The <br />board also ~etains a superintendent to conduct the normal day to day operations of the <br />company. <br />Riverside Irrigation District (District) owns 8,027 shares (2,006.75 rights, 80%) of RRLC <br />and is therefore the majority owner. The remaining rights are owned by other ditch <br />companies and private individuals. RRLC currently has 87 shareholders. Four of the five <br />board members of RRLC also serve on the District board. <br />1 <br />