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<br />t' <br /> <br />.) <br /> <br />, <br /> <br />to preserve or improve Halligan Reservoir. 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. But there must be further exploration and investigation <br />of financial assistance or a cooperative venture in the future <br />in connection with any improvement to Halligan Reservoir; and <br />Projects which can be completed and paid for must be <br />accomplished now, so North poudre is able to deal with future <br />problems and projects necessary to keep the company able to <br />meet its obligations. <br />NOW, THEREFORE~ BE IT RESOLVED BY THE STOCKHOLDERS OF <br />THE NORTH POUDRE IRRIGATION COMPANY;AS FOLLOWS: <br />That it is necessary and advisable promptly to repair <br />North Poudre Reservoir No. 15, Clark Lake, and North Poudre <br />Reservoir No. 2 because of orders by the State Engineer, and <br />because of their importance to the North Poudre system, and to <br />protect and improve the Stockholders' investment in North <br />Poudre; <br /> <br />That the Board of Directors is given the Stock- <br /> <br /> <br />holders' approval to accept a 5% loan from the Colorado Water <br /> <br /> <br />Conservation Board for repairs to North Poudre Reservoir No. <br /> <br /> <br />15, Clark Lake, and North poudre Reservoir No.2, if the North <br /> <br /> <br />Poudre Board chooses so. to do; <br /> <br /> <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 /> <br />- 3 - <br />