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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />II. THE SANTA MARIA RESERVOIR COMPANY <br /> <br />A. Hi story <br /> <br />The Santa Maria Reservoir Company (SMRC) was incorporated April <br />10, 1931. The Board of Directors approved and adopted the Company <br />bylaws and the first annual meeting of stockholders was held later <br />that year. A copy of the company's bylaws are in Appendix A. <br /> <br />Initially, all SMRC water supplied to the stockholders was stored <br />in the Santa Mari a Reservoi r. Agreements were made wi th the Ri 0 <br />Grande Canal Water Users Association and the Monte Vi sta Water Users <br />Association to deliver water to stockholders through these two canals. <br />Ninety percent of the Company's reservoir water has been allocated for <br />delivery through the Rio Grande Canal and the remaining ten percent <br />through the Monte Vista Canal. <br /> <br />In 1947, the Santa ~aria Reservoir Company stockholders completed <br />the purchase of Continental Reservoir. The addition of Continental <br />Reservoir increased the decreed storage available to the Sr4RC by 61 <br />percent to a total of 70,541 acre-feet. Table IV-4 summarizes S~lRC <br />storage rights (9). <br /> <br />During the 56 years since its incorporation, the SMRC has con- <br />tinued to maintain. repair, update, and improve each dam and related <br />facil ities to the benefit of its stockholders. Thi s \10rk has <br />included: concrete repair on the canal diversion structures; reolace- <br /> <br />! I - <br />