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<br />RESOLUTION <br /> <br />Whereas, it appears that not enough land is now irri- <br /> <br /> <br />gated by water stored in the Smith Reservoir to use ,all of suoh <br /> <br /> <br />water, or'to make said Reservoir llelf~sustainingl arid <br /> <br /> <br />Whereas, water stored in the Mountain Home Reservoir, <br /> <br /> <br />plus water available from the direot flow rights of the Company, <br /> <br /> <br />is suffioient only to irrigate adequately the land whioh is now <br /> <br /> <br />,being irrigated from and out of said Mountain Home Reservoir <br /> <br /> <br />and by said direot flow rights, whioh land lies above the Smith <br /> <br /> <br />Reservoir', and <br /> <br />Whereas, the total authorized oapita1ization of the <br /> <br /> <br />Company was originally fixed at 15,000 shares in ordsr to pro- <br /> <br /> <br />vide a surplus of stook in the treasury, over and above the <br /> <br /> <br />nWllber of shares whioh, j,t was then oontemplated, it would be <br /> <br /> <br />n~oessary to issue to irrigators who wsre, under the Artio1es <br /> <br /> <br />of Inoorporation, of ,the Company, entitled tc;> reoeive ths same, <br /> <br /> <br />Whiohsurp1us, in aooordarioe with t~e provi~ions of the inter- <br /> <br /> <br />looutory deoree of the Un~ted States Distriot Oourt for the <br /> <br /> <br />Distriot of Colorado, in a matter entitled "In the Matter of <br /> <br /> <br />the Petition of ~he Trinohera ~~rigation Distriot for COmposi- <br /> <br /> <br />tion of its Debts', amounts to, 1393 shares of said capital stock, <br /> <br /> <br />and <br /> <br />Wherea~. it is c~~sidered to be for the best intsrests <br />of the Com~any arid of all of its stockholders that additional <br />tre~Hury stodk ~~w be sold to~ use 6i water beiow, the Smith <br />Reservoir, in suoh amOunt that the greater portion of suoh water <br />~hall henoeforth be used and that the stookholders under the <br />, same will pny in assessments a suffioient amount to pay their <br />proportionate share of the bonded indebtedness of the Oompany, <br />