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~ c . . RECORD OF ~ROCEEDINGS THE NORTH POUDRE j:RRIGATION COMPANY Ben Dumler moved to dispense with the rellding oflast year's minutes, It was seconded from the floor and motion carried, Brock. The water report was reviewed by Duane Aranci and the auditor's report was reviewed by Jim River Commissioner Shawn Hoff stated thIlt in '97 the 40,000 a1fblock of non -charge water was run out by May and the unlimited block of water was run out by August 14. The Poudre River peaked on June 9. He also reported that the snowpack looks good-98% for the basin, Deadman is at 92%. President Pineda stated that Director Duane Aranci's 3 year tenn is up and that nominations for director would be taken. Warren Santistevan, from the credentials cOmmittee, reported that there were 2526 shares represented in person and 4284,25 shares represented by proxy, for a total of6810.25. It was moved and seconded to accept the report. President Pineda requested that the floor b~ opened for nominations, Mike DiTullio nominated Duane Aranci. Del Black moved that the nominations close. It was seconded from the floor. Motion carried, In response to President Pineda's request for old business, Mike Wich asked for review of the domestic water agreement with the Town ofWellin~OJl.. Duane Aranci responded along with Kevin Burke, Town Administrator for Wellington, JoAnne Baland asked for clarification rega(ding II Lakes Rec Club---how it was fonned and why North Poudre stockholders were not allowed to voW on it. Dorothy Schild responded by stating that due to time constraints, North Poudre set up a sub-corponltion called II Lakes Recreation Club in order to get Reservoir #6 on line for the summer season and take advantage of the income that would be generated. Three of the North Poudre directors served as the governing board for the club. She stated that North Poudre would no longer be in charge of the reservoir starting this year. Rob Winick will be the new lessee, taking on a new name and amending the corporate structure, Earl Hoff made a point of order that North Poudre directors are voted on by the stockholders which gives them the authority to make decisions as needed. Mrs, Schild also infonned the stockholders that North Poudre is in the process of standardizing all reservoir leases for 3 year tenns with each member$hip costing $1,0150. President Pineda reported that North poudre purchased parcels from the BLM that are around or under Reservoirs #5, 6 and 15 for a total of$89,550 for 436,95 acres so as to not allow any infringement on the reservoirs, For the order of new business, President Pilteda asked for setting of assessments. Dennis Marsh moved to stay the assessments at $85 per share. Bob Kissell seconded. Motion carried.