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9.25% interest; and that the Company's application to the Colorado Water <br /> Conservation Board for a small project loan in the sum of $45,000.00, repayable over <br /> a term of twenty years at 4% interest, in annually payments of$3,311.18 per year was <br /> approved. In addition, the Treasurer informed the shareholders that there were two <br /> remaining payments on the existing loan at the Farmers State Bank of Fort Morgan, <br /> due June 30, 1996 and June 30, 1997. With two loan payor •: e ' 1997, the <br /> Treasurer informed the shareholders that it may be necessar .4 a: • -ar to <br /> increase assessments above the usual $3.00 per share. The - R , ther <br /> explained to the shareholders that the Company was re. • . want to e terms <br /> of the loan with the Water Conservation Board to p t •e s ,; ,:- . • •. its <br /> revenues from the contract with Pioneer Irrigation Comp. i r m i t of <br /> the indebtedness. The Treasurer and the President r•commend . e <br /> shareholders that the Water Conservation Board financing be approved. It was <br /> moved, seconded, and, unanimously carried that the foll.wing Resolution be <br /> adopted and approved: <br />