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<br />. <br /> <br />t) <br /> <br />o <br /> <br />THE SANCHEZ DITCH AND RESERVOIR COMPANY <br />SAN ACACIO, COLORADO <br /> <br />SPECIAL STOCKHOLDERS MEETING <br /> <br />APRIL 24, 1992 <br /> <br />A special stockholders meeting was called to order Friday, <br />April 24, 1992 at 3:30 p.m. at the company office in San Acecic. <br />Colorado by President Fred Holmes, Jr. for the purpose of stock- <br />holders to approved a loan with Colorado Water Conservation <br />Board" to repair the Sanchez Dam. <br /> <br />It was determined that 17,310 shares were represented <br />either in person or proxy, which waB sufficient to constitute <br />8 quorm and legally conduct 8 meeting. <br /> <br />Board members present: <br /> <br />Fred Holmes, Jr. <br />Walter Barker <br />Gerald Mathes <br />Jeanne Sharpley <br />Warren Prater <br /> <br />- President <br />- Vice President <br />- Secy-Trees <br />-'-Board Member <br />- Board Member <br /> <br />President Fred Holmes, Jr. explained to stockholders the <br />problem at the Sanchez Dam. A sinkhole was discovered the <br />morning of April 9th, on the up stream slope of the dam <br />approximately 8 x 7 ft. and 21 x 4 ft. deep. On the back side.. <br />of the dam the seepege vas discolored. The Dam inspector <br />Frank Kugel vas immediately notified and he in return notified <br />his superiors. <br /> <br />Holmes. read the stop order on storing water in the Sanchez <br />Reservoir thet was received from Division of Water resources, <br />Hal Simpson, Acting Stat.e Eng~neer to the stockholders. <br /> <br />Board members met with Colorado Water Conservation Board <br />to obtain a loan of $400,000 for ~wenty-flve (25) years at <br />three percent (3%) interest, with $150,000 to be used on the <br />emergency grouting Bnd to payoff the note of $70,000 that was <br />borrowed by the company to repair the tower from First National <br />Bank of La Jara. The balance would be used as needed to repair <br />the outlet structure, drainage system and additional grouting <br />if needed. <br /> <br />Jeanne Sharpley moved to borrow $400,000 from Colorado <br />Water Cons~rvation Board at three (3%) percent interest for <br />twenty-five (25) years, seconded by Delbert Lorenz. By show <br />of hands, twelve (12) for and one (1) against. Carried. <br /> <br />President Fred Holmes, Jr. appointed a cred.ential committee <br />consisting of Jerry Lorenz, Jack Carter and Delbert Lorenz to <br />count the ballots. <br /> <br />The credential committee reported the results of the votes <br />cast as follows: <br /> <br />16,339 vote for <br />o against <br />to proceed with the loan of $400,000 from the Colorado Water <br />Conservation Board to repair the Sanchez Dam. Carried. <br /> <br />Jerry Lorenz moved to adjourn the special stockholders <br />meeting. seconded by Jack Certer. Carried. <br /> <br />~d~#!L <br /> <br />Fred Holmes, Jr. prestdent <br /> <br />AI, ~ tJJl '1'>/ ~d4<- <br /> <br />Gerald Mathes, Secy-Trees <br /> <br />EXHIBIT B <br /> <br />Page 2 of 2 <br />