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FULTON IRRIGATING DITCH COMPANY Minutes of the Annual Meeting January 25, 1993 Page 2 The next matter of business was a report from Ditch Superintendent George McDonald. Mr. McDonald stated that delivery for the 1992 season was 32 , 362 acre feet, which amounted to approximately 4 . 5 acre feet delivery at the river headgate. President Schmidt then called upon attorney Lysle R. Dirrim for any report pertaining to legal matters of the Ditch company. Mr. Dirrim states that the Consolidated cases concerning the application for water rights by the Southgate Water District acting by and through its agent, Kiowa Resources, Inc. being Consolidated Cases No. 89 CW 233 , 90 CW 213 and 90 CW 214 were still pending in the Water Court in Greeley, Colorado. Mr. Dirrim further stated that the purpose of such water cases was to store in two proposed reservoir sites downstream from the river headgates of the Fulton Ditch 604 shares of the water of Fulton Irrigating Ditch Company stock and by means of exchange, exchange such water upstream to Arapahoe County where such water would then be placed in two reservoir sites proposed by Southgate and Kiowa and would then presumably be used by Southgate Water District by diverting the same through the Denver Water System for delivery to the Water District. Mr. Dirrim stated that the President of Kiowa, Mr. Greg Campbell , was present as a stockholder at the meeting. Mr. Dirrim stated that as of the date of the meeting, there had been little or restricted activity concerning these applications ; however, as the activity picked up, it would be necessary to employ engineering expertise to represent the Ditch Company and that the cost of legal representation would also increase because of depositions and other related matters. Mr. Dirrim also st -d t {.t in addition to opposition filed by the Fulton I •i . .#1 .i 1 'Loh Company, Consolidated Ditches of Water District t, .,g2 • h h Fulton is a member, also filed a statement of oppositio outhgate also desires to discharge through the F ""Tt il^�k`le ate decreed rights of Lupton Bottom Ditch Company and ig3Kig -' i ch ompany for ' is t t there are storage in the reservoir sites. Mr: D � no other active litigation matters pending at 44-4. affcactin g the Ditch Company. President Schmidt then called for approval or disapproval of the following amendments contained in the call of the meeting for the By-laws of the Fulton Irrigating Ditch Company which has been proposed by the Board of Directors. The first amendment reads as follows: 1 . "That all non-owners or lessees of Fulton Irrigating Ditch Company Capital Stock or stockholders with less than five (5) shares of the Capital Stock of Fulton Irrigating Ditch Company shall be responsible for the maintenance and repair of all headgates utilized by such non-owners, lessees or stockholders, and all such headgates shall meet standards imposed by the Company as to all headgates. " It was pointed out by Secretary Dirrim that the purpose of the amendment was to prevent a financial cost to the Company. Presently, the Company replaces all headgates . The cost of replacing such headgate far exceeds the revenue from those owners or lessees of water with less that 5 shares and in cases where the headgates are not properly taken care of, the Ditch Company is obligated to replace such headgates to prevent seepage and loss to the Ditch. After a general discussion, President Schmidt called for a vote by hand. President Schmidt declared approval of the amendment to the By-Laws by 2/3 of the outstanding shares.