PROJ00044

• Contract/PO #: FS0011X
• Contractor Name: Cotton Creek Water Company
• Contract Type: Loan
• Water District: 0
• County: Moffat
• Loan Projects - Doc Type: Feasibility Study

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MINUTES OF REORGANIZATIONAL MEETING
OF STOCKHOLDERS OF
COTTON CREEK WATER COMPANY

Reorganizational Meeting of the Stockholders of Cotton Creek
Water Company was held at 07: 00 a. m. on 12 April 1996 at the
offices of Robert Allen Rikoon:

Present were: Robert Allen Rikoon and Lawrence Steven Taub
as shareholders of all outstanding shares of
the Cotton Creek Water Company, present in
their capacity as the Successor Co-Trustees of
the Elizabeth B. Silver Trust uta '26 June
1989.

The following is adopted and approved:

1. The sole shareholder of Cotton Creek Water Company ("Company")
is The Elizabeth B. Silver Trust, uta 26 June 1989 (the "Trust")
successor in interest to Cotton Creek Ranch, Inc. by virtue of
being the rightful holder or assignee of certificates:

#109, (through Cotton Creek Ranch Inc.) .
#110, (through assignment from Neese)

40,360 Shares
5.840 Shares

~otal issued and outstanding

46,200 Shares

2. The 3,800 shares of previously issues stock, now held by the
Company, shall be reissued to the outstanding shareholder so that
the total outstanding stock of the Company shall be 50,000 shares.
The directors of the company are directed to retire shares #109 and.
#110 and issue share 1111 to the Trust representing all 50,000
issued and outstanding shares of the Company.

3. It is hereby memorialized that the following persons were
elected as the Directors of the Company effective 12 June 1993:

Robert Allen Rikoon
Lawrence Steven Taub

Ratified and approved:

Elizabeth B.

Robert Allen Rikoon,
Successor Co-Trustee

La Steven Taub, as
S ccessor Co-Trustee