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-', EXHIBIT F ~~ ~ ~I I~f:... Monte Vista, Colorado December 1, 1987 The Annual Meeting of the stockholders of the Santa Maria Reservoir Company was held Tuesday, December 1, 1987 at 1:30 P.M. in the Golden Antlers Room at the Monte Vista Elks, 121 washington Street, Monte Vista, Colorado pursuant to individual notice mailed to each and every stockholder. President Boyce called the meeting to order and stated there were 3601 shares present in person and by proxy and 2701 shares are required to 'constitute a quorum and declared a legal quorum present. President Boyce asked for the reading of the minutes of the last Annual Meeting. There appeared no obj ections or correc- tions and the minutes were approved as read. . . The Annual Auditors report was presented by Frank Clark, Audi tor. A motion was made by Carl Worley and seconded by Richard Messick that the auditors report be accepted and placed on file, The motion carried. President Boyce introduced Ron Holley, Engineer with Hydro- Triad, Inc. Mr. Holley presented the findings of the feasi- bility study on the seepage at Santa Maria and Continental darns. Mr. Holley recommended covering the darns with a Clay Curtain, which would return the reservoirs to full storage and eliminate 95% of the leakage. The cost for Santa Maria estimated to be $225,000.00 and $161,000.00 to fix continental Dam. It was pointed out that if the board could obtain a 100% loan at 5%, spread over a 3D-year pay back, the cost to the stockholders in annual assessments would be in the range of $5.00 per share. There was a question and answer period. Requesting funding from ~he Colorado Water Conservation Board was discussed. The Santa Maria project is on the Agenda of the 12/10/87 Colorado Water Conservation Board meeting. A motion was made by Acie Gunnels and seconded by James Selters to authorize the Board of Direc- tors to pursue the project and CHCB funding, provided the Board determines it to be in the best interests of the Company, and to execute such documents, including repayment contracts, notes, and mortgages and deeds of trust as may be required to fund the proj ect. Tne Trotion carried. President Boyce introduced JOl1n Carlson, Attorney for the Company. Mr. Carlson stated the company has the power to enter into a loan arrangement such as the above mentioned provided the stockholders vote is 2/3 of the outstanding shares of the Com- pany. President Boyce found the requisite number of shares present for such purposes. ~ EXHIBIT F ~/)~ ~G I