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<br />. <br /> <br />." <br />"\ <br /> <br />. <br /> <br />BEAVER RES~RVOIR COMPANY <br />MINUTES <br />JULY 24, 1992 <br /> <br />The July 24, 1992, meeting of the Board of Directors of the <br />Beaver Reservoir Company began at 8:30 a.m. at the home of Neil <br />Thompson. Present were Neil Tholnpson, President; James R. Briscoe, <br />Secretary; Kathy Welt, and a rep~esentative from the Colorado Water <br />Conservation Board, Demmus Harvey. <br /> <br />President Neil Thompson explained to the others the fact that <br />a large leak has appeared in the dam, that an attempt was made in <br />June, 1992, to acquire approximately $55,000.00 in funding to pay <br />for a feasibility study to be conducted by Woodward-Clyde <br />Consultants of Denver, the purpose of which was to determine the <br />cause of the leak and propose options for repair, to be followed up <br />with the necessary activity with the Colorado Water Conservation <br />Board for approval of the project and a means of funding payment of <br />the repair. <br /> <br />Because the information available to the Colorado Water <br />Conservation Board in June, 1992, was not sufficient for them to <br />make an informed decision, it w~s tabled for the September, 1992, <br />meeting to be held in Grand Junction. It was estimated that the <br />project could cost as much as $300,000.00, but could also be a <br />lesser project, depending on the results of the feasibility study. <br /> <br />Alternate sources of funding, alternate repair options and <br />alternatives to the proposed repair were discussed by the Board. <br />Motion made by James R. Briscoe to continue to pursue the funding <br />from Colorado Water Conservation Board for the feasibility study <br />before making any decision on finances, repairs or other <br />alternatives; seconded by Katny Welt; unanimously passed. A <br />questionnaire from the Colorado Water Conservation Board was <br />received from Demmus Harvey and distributed for each of the <br />representative companies of Beaver Reservoir Company to acquire the <br />answers to the questions presented. <br /> <br /> <br />It was decided to have another meeting of the Beaver Reservoir <br />Company on August 7, 1992, at 9: 00 a.m. at the home of Neil <br />Thompson to correlate the data put together by the representative <br />companies and to prepare and plan for the presentation to be made <br />to the Colorado Water conservation Board in September, 1992. <br /> <br />For purposes of documentation, it was discussed that the Water <br />Power Authority was not preferred as a source of funding because <br />repayment was set at a 5% inte~est rate and required bonding to <br />raise the money, which approach is quite expensive. FHA has been <br />contacted and we are advised that they do not have any funds <br />available for loans of this character. Local financing would be <br />limited and the interest rate WOuld be a lot higher than anything <br />available from either the Wate~ Power Authority or the Colorado <br />Water Conservation Board. The COlorado Water Conservation Board is <br />