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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 />suhstantial rehabilitation expense which must be made to <br /> <br /> <br />preserve or improve Halligan Reservoir, but the Directors know <br /> <br /> <br />,that assessments for any such project cannot be addressed at <br /> <br /> <br />this time nor borne by the North Poudre Stockholders at this <br /> <br /> <br />time, and there must be ~urther exploration and investigation <br /> <br /> <br />of financial assistance or a cooperative venture in the future <br /> <br /> <br />in connection with any improvement to Halligan Reservoir; and <br /> <br /> <br />Whereas projects which can be completed and paid for <br /> <br /> <br />must be accomplished now so North Poudre is able to deal with <br /> <br /> <br />future problems and projects which will be necessary to keep <br />the company able to meet its obligations to the Stockholders. <br />NOW, THEREFORE 1 BE IT RESOLVED BY THE STOCKHOLDERS OF <br />THE NORTH POUDRE IRRIGATION COMPANY AS FOLLOWS: <br />That it is necessary and advisable to promptly repair <br />North Poudre Reservoir No. 15, Clark Lake, and North poudre <br />Reservoir No. 2 because of their importance to the North Poudre <br />Stockholders and to protect and improve the Stockholders' <br />investment in North Poudre; <br />That the Board of Directors is given the authority to <br />accept the 5% loan from the Colorado Water Conservation Board <br />if the North Poudre Board chooses so to do; <br />That it should be the continuing plan of The North <br />poudre Irrigation Company to avoid paying substantial commer- <br />cial interest costs to finance the necessary repairs to North <br />poudre Reservoir No. 151 Clark Lake, and North poudre Reservoir <br />No. 2 so the Board of Directors is able to plan and pay for <br /> <br />- 3 - <br />