C153623 Paid in Full Documents

• Contract/PO #: C153623
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• County: Costilla
• Loan Projects - Doc Type: Contract Documents

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THE SANCHEZ DITCH AND RESERVOIR COMPANY
SAN ACACIO , COLORADO
SPECIAL STOCKHOLDERS MEETING' 4' j
APRIL 24 , 1992 -ter
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A special stockholders meeting was called to'"'off der
P Friday ,
April 24 , 1992 at 3 : 30 p . m . at the company office in San Acacio ,
Colorado by President Fred Holmes , Jr . for the purpose of stock-
holders to approved a loan with Colorado Water Conservation
Board to repair the Sanchez Dam .
It was determined that 17 , 310 shares were represented
either in person or proxy , which was sufficient to constitute
a quorm and legally conduct a meeting .
Board members present : Fred Holmes , Jr . - President
Walter Barker - Vice President
Gerald Mathes - Secy-Treas
Jeanne Sharpley -' Board Member
Warren Prator - Board Member
President Fred Holmes , Jr . explained to stockholders the
problem at the Sanchez Dam . A sinkhole was discovered the
morning of April 9th , on the up stream slope of the dam
approximately 8 x 7 ft . and 2i x 4 ft . deep . On the back side
of the dam the seepage was discolored . The Dam inspector
Frank Kugel was immediately notified and he in return notified
his superiors .
Holmes , read the stop order on storing water in the Sanchez
Reservoir that was received from Division of Water resources ,
Hal Simpson , Acting State Engineer to the stockholders .
Board members met with Colorado Water Conservation Board
to obtain a loan of $400 , 000 for twenty-five ( 25) years at
three percent ( 3%) interest , with $150 , 000 to be used on the
emergency grouting and to pay off the note of $70 , 000 that was
borrowed by the company to repair the tower from First National
Bank of La Jara . The balance would be used as needed to repair
the outlet structure , drainage system and additional grouting
if needed .
Jeanne Sharpley moved to borrow $400 , 000 from Colorado
Water Conservation Board at three (3%) percent interest for
twenty-five ( 25) years , seconded by Delbert Lorenz . By show
of hands , twelve ( 12) for and one ( 1 ) against . Carried .
President Fred Holmes , Jr . appointed a credential committee
consisting of Jerry Lorenz , Jack Carter and Delbert Lorenz to
count the ballots .
The credential committee reported the results of the votes
cast as follows :
16 , 339 vote for
0 against
to proceed with the loan of $400 , 000 from the Colorado Water
Conservation Board to repair the Sanchez Dam . Carried .
Jerry Lorenz moved to adjourn the special stockholders
meeting , seconded by Jack Carter . Carried .
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77Z-6/1, f '/---7'{4*-1---
Fred Holmes , Jr . President
Gerald Mathes , Secy-Treas
EXHIBIT B
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