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<br />, . <br /> <br />~ <br /> <br />. <br /> <br />. <br />.. <br /> <br />/ <br /> <br />(\~\ /// <br />, , <br />I . <br />j ,." <br />, / <br />\. ..' <br />'--/'/ <br /> <br />Grand View Irr. Co. <br />Dec. 14, 1985 <br />Four Mile Community Club Bldg. <br />Canon City, Colo. 81212 <br /> <br />SPECIAL MEETING <br /> <br />Present: <br /> <br />Bill BUrdgess, representing Colo. State Pen. <br />Ed. Hall, also proxy of Editch Wilson (350) <br />R. Jewett <br />V. Littrell <br />R. B. MacKenzie, et aI, (Colon) <br />Paul Bondo, also proxy of M. Barnard <br />R. Shepherd <br /> <br />No,Shares <br />~'7, 850 <br />400 <br />2,650 <br />300 <br />J,900 <br />1,000 <br />2,098 <br /> <br />Guests: <br /> <br />John McDermott, Attorney <br />John Valentine, vepresenting SCS <br /> <br />The meeting was called to order by the President shortly <br />a~ter nine-~hirty, 9:30a.~. Minutes from previous meeting were <br />d~spensed w~th. The Pres~dent stated the reason for calling the <br />special meeting was to get the approval of the Stockholders for <br />entering into a loan agreement with the Colo. Water Conservation <br />Board for the replacement of the present syphon. <br /> <br />In summary Mr. Colon explained the syphon broke under <br />Hwy. 50 in late August. Emergency plans to repair the syphon <br />were made with an estimated cOst of $80,000. As funds and replace- <br />ment materials were not available or sufficient, repair was post- <br />poned. A plan of total replacement of the syphon was devised <br />as implementing in two phases (see exhibit I & 2). First <br />phase would be to remove and replace the old syphon from a po~nt <br />Qfxliti:s~Haxgl[xi:Pl just north c'o :=-;:y. 50 to the point of discharge <br />in the Spring of 1986 and second, when additional federal funds <br />are available, the hiance:would be completed. <br /> <br />Total estimated cost would be approximately $600,000. of <br />which $240,000. would be a 40 yr. 5% loan through the Co. Water <br />Conservation Board and the 50% cost share plus administrative <br />and engineering services would come from USDA-SCS R. C. & D. <br />funds. The total annual income of the company including interest <br />income is approximately $13,000/ yr. In the last 3 Yt~rs the <br />expenses incurred average $S,OOOJyr. showing a surplus of approx- <br />imately $8,000. The annual loan payment for both phases would <br />be $8,101/yr. <br /> <br />Bases upon exhibit 1 o~r cost of replacing the syphon <br />would be namely $240,000. @ 5% interest, over 40 yrs. or 12.5 <br />cents / Share/yr. Presently the company holds liquid assets of <br />$70,000. which would be used as financial ilihverage or emergency <br />use during the term of the loan. <br /> <br />Mr. Colon read from the minutes of the annual meeting of <br />the Stockholders, held Jan. 12, 1984, granting the Board authDr- <br /> <br />~ <br />