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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 />future maintenance and repairs for other North Poudre reser- <br /> <br /> <br />voirs and ditches; <br /> <br /> <br />That if another method of financing one-half of any <br /> <br /> <br />project becomes available which would reduce the cost to the <br /> <br /> <br />Stockholder, the North Poudre Board of Directors shall promptly <br /> <br /> <br />explore the costs and terms of any such financing. <br /> <br /> <br />That it shall be the plan for assessments to be main- <br /> <br /> <br />tained for the number of years necessary to allow at least $50 <br /> <br /> <br />per share for repairs to North Poudre Reservoir No. 15, Clark <br /> <br /> <br />Lake, and North Poudre Reservoir No.2, and for the necessary <br /> <br /> <br />debt retirement on any Colorado Water Conservation Board loan, <br /> <br /> <br />plus an additional amount for the necessary assessments for <br /> <br /> <br />operation and maintenance expenses, currently $50 per share, in <br /> <br /> <br />1984 dollars. <br /> <br /> <br />The Stockholders desire to avoid the liability for <br /> <br /> <br />damages and the loss which could result should there be a res- <br /> <br /> <br />ervoir failure and recognize the proposed plan for continuing <br /> <br /> <br />assessments at $100 per share is intended to reduce the threat <br /> <br /> <br />of such a loss. The proposed assessment is also desirable so <br /> <br /> <br />North Poudre is able to preserve and protect its water rights <br /> <br /> <br />and can meet the continuing obligations to maintain and repair <br /> <br /> <br />North Poudre reservoirs as required by the State Engineer for <br /> <br />- 4 - <br />