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" . . < r RECORD OF PROCEEDINGS THE NORTH POUDRE IRRIGATION COl'<1PANY ANNUAL STOCKHOLDERS MEETING February 2, 1998 1-25 Holiday Inn, Fort Collins, CO 10:00 A.M. The annual stockholders meeting was called to order at 10:00 A,M. by President Manuel Pineda, who read the notice of annual meeting that was mailed to each stockholder. He appointed Earl Hoff, Del Black, Warren Santistevan and Charles Rogers as the credentials committee. Dennis Bode, from the City of Fort Collins, gave a brief presentation on the water supply and demand for the City of Fort Collins. Tom Ullman from The Engineering Company, gave a slide presentation on anticipated water needs with the impending growth along the front range. President Pineda introduced Board members Duane Aranci, Dorothy Schild, Gary Simpson and Dennis Bode, He then introduced special guests Art Brewster of Phantom Canyon Homeowners Association, Duane Smith of Smith GeoTech, River Commissioner Shawn Hoff, Eric Wilkinson of Northern Colorado Water Conservancy, John Stokes of Nature Conservancy, Diana Darby of RiskPlan Insurance, Auditor Jim Brock, Attorney Alden Hill, Ed Wilkens and Jim Trupp of First National Bank. Operations Manager Dale Henry was asked to introduce NP employees, Those present were: Mike Blehm, Steve Smith, Ron Schaefer, Bob Rees, Garry Luoma, Jim Boswell and Sharon Seaworth, President Pineda called for any comments and concerns the stockholders may have. Jack Sipes asked for a definition of CBT water. President Pineda stated that CBT is a supplemental water supply to North Poudre and that each share has 4 units ofCBT included and each unit is worth about S2700 at this time, Eric Wilkinson went on to explain that North Poudre has an allotment contract at a fixed rate which cannot be altered without the approval of the governing board. He stated that in the year 2003 there could be a possible increase in the assessment rate (up from SI.50/a/f) due to needed rehabilitation, upgrades of pipelines pumping stations, etc, Duane Aranci assured the stockholders that there will be no alteration to the contract and that the newly adopted policy is only to protect the Sfockholders' equity in their shares, Mike Wich asked about the CBT issue regarding early water, Duane Aranci stated that in the coming season each stockholder will have 3 water accounts-early, seasonal ag and seasonal multiple use. He stressed the need for proper water management by all stockholders, The meeting was adjourned for lunch at II :30 and reconvened at 1:30, '~_~ii".<