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ffi..'1S/93 16:02 1SR1f'ER & I..ELD IRRII3=oTIQ-./ CO. ... 197\34seaB1 NJ.1S8 J;iJl I I I I I I I I I I I I I I .U.o"O.o"~.\"",,,"""O RECORD OF PROCEEDINGS Deceroer 6, 1997 Owl C~eek Supply & :rrigation Co. The .~nual Stock~olders Meeting of the Owl Creek ~upply & :~rigatlOn Co. was called to o=der cy Oavij Kreps, J~., at 9 a.m. It was ~oved and seconded to have Chair~an and Do~ Eng~l as Secreta~y. Dave Kreps, Jr., serle a3 rhe motion carried. It was Cor.unittee. sr.ares ....ere a q'Jcru.:n. rr.oved and seconded that Donn Engel serve as the Proxy The motion carried. He reported that a total of 334 represented :~ person Ot cy proxy, which consti~uted Minutes of the last meeting were read and approved as presented. It was moved and seconded to accept the financial statement. 7he ~otion carried. Cave K~eps reported that checks, headgates and measJring devices o~ :he ditch needed a lot of repair work. He also said ~hat the Eoard had tal~ed to ~he colorado Wa~er Conservancy Eoare 3.bout a 10a:1 to redc t~e whole system. Ttlis Board ......i11 gi'/e loans :or m:Jst cf the ....or<. Mos:: of their loans are for 30 years at lew i~terest rates. The most the company would have to ~ay is 25 ?ercent of tr.e cost during const~ucti::m, and they would loan ~s th~ ather 75 percent. The company ~ight have to do a feasibiliy st~dy of ~he system before approaching tteir Board for a lean. It was moved and seconded to give the Board of Directors appro~al tc proceed with redcing the ditch and to see about a poss:ble loan. T~e motion car=ied. :t was reco~~endec :hat a special meeting of the Stockholders be held with John Van Scive~. of the Colo~ado Water Co~servation Soard, to go over the loan details. it wdS ~oved and seconded to have the sa~e assessnents as las:: year, $50 per share. The motion carried. I I I I I The r.ext ordec of business was the election of Eoard ocembers. The current Eoarc members ....ere David Kreps. Jr.. Steve Cecil. Alle~ ~etterly, Les Peterson and Raymond Andersoi.. It was moved and seconded that :he fcllow:ng be no~inated to the Beard, Da~id Kreps Jr., Steve Cecil, Aller. Letterly, Les Peterso:1 a:1d that :ne Secretary cast a unan~mcus ballot for these candicates. The motio~ carr~ed. The secretary cast 334 shares for ea=~ of the abcve roentio~ed ~en. A ~~esticnaire was handed ~ut aski~g stockholde~s to rate the overall ?erformance of the ditch rider this past year. There was nc further busi~ess, so the meet~ng was ajjou~fied. /~:J CM;;t _pres._~ Sec.