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,~ . . EXHJBIT E ---------- . ANNVAL MEETING FRUITLAND JRRIGATION COMPANY JANUARY 14, 1989 President Norbert Jackson ~ppointed Orval Cotten, Marvin Palmer and Edward Klaseen to the Credentials Committee. The Credentials Committee reported that of the 200,000 shares issued, there was 106,339 shares present in person or by proxy, with 87,299 in person and 19,040 by proxy. The Secretary read the call of the meeting that was published in the North Fork Times on December 22, 1988, and mailed to all stockholders of record. The minutes of the last annual meeting were read, and approved as read. The audit was earlier prepared by David Lan~~ C.P.A. The audit was read and discussed. Charles Klaseen made a motion to accept that audit; it was seconded by Erwin Palmer; and the motion passed. Cliff Reed reported on the wurk he had done the past year. He had helped Ute Engineering and Surveying Company monitor the seepage in the outlet pipe. He had also sprayed weeds and cut trees along the ditch and reservoir; he burned the trash off the dam and the dike. He had Dave Wyatt grade the top of the dam to fill in the pot holes; helped David Hooker rebuild the measuring box out of the Cattleman's Ditch into the reservoir; and had Luce Pipher's dozer go down the Highline to fill in holes and banks. Norbert will probably go in to Denver on January 19 or 20 to the Colorado Water Conservation Board meeting to ask to have the Colorado Water Conservation Board fund 100% of the restruction work on the valve and outlet pipe, estimated to total $150,000.00 or more. The following Resolution waS presented by the President for approval: RESOLUTION We, the stockholders of the Fruitland Irrigation Company, authorize the Board of Directors to levy a sufficient sum over the fifteen cents (.15) 0 & M assessment to pay annually the interest and principal required on a loan from the Colorado Water Conservation Board for the reconstruction work of the outlet pipe and valve on the Onion Valley Dam f400421, estimated to cost in excess of $150,000.00; and that we pledge the Company revenues for loan repayment and authorize the Board of Directors to levy the needed assessments to pay the annual interest and principal due to pay on the loan. This Resolution passed unanimously. Next, the following Resolution was presented by the President for approval: EXHIBIT E (Proje~Contract)