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<br />. <br /> <br />. <br /> <br />J. William McDonald <br />Demmus D. Harvey, Jr. <br />Page 11 <br />November 4, 1985 <br /> <br />SUMMARY OF EXPENSES <br /> <br />GRAND TOTAL OF EXPENSES FOR SECTION A: <br />GRAND TOTAL OF EXPENSES FOR SECTION B: <br />GRAND TOTAL OF EXPENSES FOR SECTION C: <br /> <br />$ 31,655.00 <br />$ 61,190.00 <br />$ 96,092.00 <br /> <br />TOTAL EXPENSES FOR <br />PHASE TWO OF GRAND VALLEY PROJECT <br /> <br />$188,937.00 <br /> <br />This estimate assumes that all time spent by legal counsel, <br />accounting firm, members of the Board of Directors and <br />administrative staff of The Grand Valley Irrigation Company will <br />be in Grand Junction, Colorado. We have not included expenses <br />for travel time to Denver, Salt Lake City, or other locations. <br /> <br />We thank you for your attention and cooperation. <br /> <br />Very truly yours, <br /> <br />THE GRAND VALLEY IRRIGATION COMPANY <br /> <br />By <br /> <br />~fl#~ <br /> <br />Lehman Pond, President <br /> <br />LP:slb <br />cc: Frederick G. Aldrich <br />Theodore Allegra <br />Paul D. Miller <br />