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<br />I <br /> <br />DEWEESE-DvE DITCH AND RESERVOIR COMPANV <br />CANON CITY, COLORADO 81212 <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />N.C. Ioannides, PE <br />Chief of Project Planning & <br />Construction Section <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State Centennial Bldg. <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />August 19, 198B <br /> <br />I <br /> <br />I <br /> <br />RE: DeWeese-Dye Ditch Repairs <br /> <br />I <br /> <br />Dear Mr. Ioannides, <br /> <br />I <br /> <br />Per your letter of July 22, 1988, I am pleased to forward <br />you the following information so that we may proceed on <br />processing our loan application. Attached please find a <br />preliminary copy of a resolution to be adopted by our Board of <br />Directors for the proposed loan. It is the Boards intention to <br />file the Uniform Commercial Code-Financing Statement-Colorado <br />UCC-l(rev 1-78) as well as necessary documents on the ditch, or <br />those portions being repaired, to provide security for the loan. <br /> <br />I <br /> <br />I <br /> <br />Regarding the powers of the company to raise the money <br />necessary to repay the loan, I reference Article v, Section 2, <br />SHAREHOLDERS ASSESSMENTS. "Assessments of shareholders shall be <br />determined at the annual meeting and voted on by all sh~reholders <br />present. The Board of Directors shall make a recommendation for <br />assessment based upon the needs to maintain and or renovate, the <br />reservoir, mains, laterals and ditches to provide water to the <br />shareholders." Also, on Page 75 of the feasibility study, <br />"SPREADSHEET FOR PAYMENT", I have projected our ability to repay <br />the loan, given our present assessment of $B.OO per share. As <br />stated in my letter of March Lt, 1988, we feel the present <br />assessment rate is sufficient for operation and maintenance and <br />repayment of the loan, but could be raised if deemed necessary. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />Also, I have requested our attorney to provide an opinion as <br />to the capacity of the Board to sign the attached resolution. <br /> <br />I <br /> <br />I hope this information answers any questions you have. <br />I may be of further help, please call. <br /> <br />If <br /> <br />I <br /> <br />Truly yours, <br /> <br />I <br /> <br /> <br />President <br /> <br />I <br /> <br />I <br /> <br />" . <br /> <br />1\\ <br />