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<br />to levy and collect assessments for the purpose of maintenance, rep~ir, <br />operation, reconstruction, and relocation of ditches, reservoirs, and irri- <br />gation facilities. <br /> <br />. <br /> <br />The Company also has the power to do all things necessary or expedient to <br />carryon the business of operating the canal and reservoir system. At a May <br />11, 1981 meeting of the Stock Holders of the Paradox Valley Canal and Reser- <br />voir Company with 6,554 shares of 8,600 total shares being represented the <br />Board received a unanimous vote in favor of the Board of Directors being em- <br />powered to borrow money for the repair, maintenance, find oper<ltion of the <br />Buckeye Reservoir and empowered the Board to enter into a contract with the <br />Colorado Water Conservation Board and vest title to the Colorado Water Con- <br />servation Board for that portion of the system which is being renovated by <br />the proposed loan from the Colorado Water Conservation Board in order to carry <br />out the normal business of the Company. <br /> <br />Financial Status <br /> <br />The Paradox Valley Canal and Reservoir Company conducts their banking at the <br />First National Bank of Montrose, Colorado and have established a good financial <br />record throughout the years. <br /> <br />A statement of net worth as of December 31, 1980 is given below. <br /> <br />TABLE II <br /> <br />'Paradox Valley Canal and Reservoir Company <br />Net IVorth <br /> <br />Assets: <br /> <br />Cash on hand - First National Bank of Hontrose <br /> <br />$ <br /> <br />404.00 <br /> <br />Water Rights, 2,000 acres @ $300.00 an acre <br /> <br />600,000.00 <br /> <br />Ditches and Canals <br /> <br />316,546.00 <br /> <br />Buckeye Reservoir, 900 Acre feet @ $350.00 acre foot <br /> <br />315,000.00 <br /> <br />. <br /> <br />Cash on Hand - Total Assets <br /> <br />$] ,2,1] ,950.00 <br /> <br />Liabilit ies : <br /> <br />Capital Stock, 8,600 shares @ $143.25 a share <br /> <br />$],231,950.00 <br /> <br />Physical Assets <br /> <br />The Paradox Valley Canal and Reservoir Company's physical assets consist of <br />ditches and canals, the Buckeye Reservoir, water rights, and cash on hand. The <br />value of these items were estimated and tabulated on Table II above. Recently <br />some of the Paradox Valley Canal and Reservoir sold for as much as $50.00 per <br />share, yet it has been estimated to be worth approximately three times the last <br />sale value. <br /> <br />II-2 <br />