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SECTIONTWO Description of Sponsoring Entity <br /> 2-2 <br />2. Section 2 TWO Description of Sponsoring Entity <br />The SMRC, a non-profit corporation and Mutual Reservoir Company, was incorporated <br />the State of Colorado in April 1931. Articles of Incorporation and Bylaws are included in <br />Appendix A. <br />SMRC owns and operates the Continental Reservoir, located in Hinsdale County, <br />Colorado and the Santa Maria Reservoir, located in Mineral County, Colorado, as well as the <br />pipeline, siphon and open ditch used for water conveyance into Santa Maria and also between the <br />reservoirs. The historical system map Figure 2.1 shows both reservoirs and the connecting <br />conveyance system. <br />North Clear Creek is SMRC’s primary water source. Ninety percent of the water <br />managed by SMRC goes through the Rio Grande Canal and serving some of the best water rights <br />in the San Luis Valley. The remaining 10 percent of SMRC water goes through the Monte Vista <br />Canal. <br />SMRC has 5,400 shares of outstanding stock, mostly split in groups of 10 shares, with <br />225 stockholders. The company’s annual budget in 2011 was $162,129.00. SMRC’s five- <br />member Board, composed of farmers and ranchers, employs three full-time employees. <br />Financial statements for 2010 through 2012 are provided in Appendix B.