C153656 Paid in Full Contract - Laserfiche WebLink

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February 9, 1995 Notice of the annual meeting was given to shareholders by telephone and by mail on February 1, 1995. The annual meeting of the Loloff Lateral Ditch Company was he d at the home of President James D. (aka J. D. ) Eckhardt on Febr ary 9, 1995. The meeting opened at 7 :25 p.m. with the following present: Lester Stroh 2 shares Bob Suden 1 share - A Jim Hendricks 3 shares Don Loloff 2 1/2 shares ? '' 4 fif t J.D. Eckhardt 2 shares Mary Chesnut* 4 shares + *Mary Chesnut has power of attorney to represent Deli F ;�' /" Bettale and John White. Kevin Chesnut was also in attendance. The minutes of the special meeting of August 29, 1994, were r?ad and approved by Mary Chesnut and seconded by Don Loloff. Motion carried. i The Treasurer 's Report was given. It was reported that $138, 422. 80 has been paid to date to Loloff Construction for ork done on the new pipeline. An exact bank account balance was not given at this time. The pipeline project was discussed. Amortization schedules we e passed out by J. D. Eckhardt to each individual shareholder. Tie average cost per share per year at this time is $326. 70, but there could be some adjustments made to this at a future time due to exact figures when the project is totally done. J.D. also informed the shareholders that we will need to open an additimnal bank account for these payments to be made into. Jim Hendrick; questioned when payment would be due; J.D. thought maybe May •ut was not real sure at this time. J.D. reported that we could borrow up to $83, 500, which is $12, 000 more than the original loan, but does not foresee nee.ing this much additional money at this time. We should only need $81, 000. J.D. read the Draft Resolution of the Shareholders of the Loloff Lateral Ditch Co. to the shareholders. Copy attached. Motion as made by Mary Chesnut to accept all resolutions and to sign it It was seconded by Jim Hendricks . Motion carried. A report was given by Don Loloff on the pipeline project. Basically all that is left to finish is the pipes for air ven s, fence repair and some dirt to move. All water settling and backfill has been done.