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<br />. <br /> <br />. <br /> <br />plus any unknown repairs, as well as the projects previously <br />discussed, be addressed during 1992. <br /> <br />A discussion was then held with regards to the financial <br />capabilities of the company and it was felt that with the <br />obligations of loan repayment, as well as BeaVer Reservoir <br />operation and maintenance expenses, that we would need in excess of <br />$12,000.00 in 1992 to meet all of those obligations. It was <br />recommended by Stephen Hinchman that we look into and apply for a <br />salinity control grant from the U.S.C.S. to assist in piping part <br />of the ditCh and cutting down on our annual maintenance expenses. <br />The priorities of main~enance Were to repair the Beaver Diversion <br />Ditch, complete the Lake Fork Diversion project, rea~range the rip <br />rap in the spillway and work on improving the Highline Ditch. It <br />also was ~ecommended that the U.S.C.S. be contacted for an <br />application for the ensuing year and request the engineer to look <br />at the ditch for advice as to what the Company should do in the <br />future. Stephen Hinchman volunteered to do the paperwork on the <br />U.S.C.S. salinity control application and to keep the rest of the <br />members of the Company informed. <br /> <br />After discussing the financial needs and assessments necessary <br />to meet those needs, a motion was made by Stephen Hinchman, <br />seconded by Jack D'Orio that Delta Housing, Inc. (ARCO) be <br />contacted tor reimbursement on construction of the Lake Fork box <br />before the Company takes any action on the repairs ~f the lateral <br />diversion boxes in 1992. This motion passed unanimously. A motion <br />made by Jim Briscoe that the assessments for the year 1992 be set <br />at $.70 for operation and maintenance and $.65 for loan repayment <br />to the Colorado Water Conse~vation Board, together with an <br />additional emergency supplemental assessment of $.15 per share to <br />be called in the event the Boa~d of Directors felt it necessary. <br />The motion was seconded by Jack D'orio and passed unanimously. A <br />motion was then made by Jim Briscoe that the $4,000.00 loan at the <br />First State Bank be repaid as finances are available, it appearing <br />at the moment that we could pay $1,000.00 per year; if monies are <br />received from Delta Housing, Inc., that would allow us to payoff <br />the loan, ~therwise the annual payments would be necessary. The <br />motion was seconded by Pat cowger and unanimously passed. <br /> <br />Much work was done by stockholders and by tenants of <br />stockholders during 1991. It was felt that the work should be paid <br />on an hourly basis rather than trying to give c~edits on the <br />assessments. A Motion was made by Bill Barton and seconded by <br />Stephen Hinchman that if the BOard determined it was necessary to <br />implement the $.15 additional e~ergency supplement assessment that <br />notices would be sent to the stockholders for payment. <br /> <br />A motion was made by Jerry Neill, seconded by Bill Barton that <br />a committee be formed to prepare the maintenance agreement and <br />schedule repairs for work to be done in 1992. <br /> <br />-2- <br />