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<br />/ <br /> <br />" <br /> <br />, <br /> <br />.' <br /> <br />" <br /> <br />, <br /> <br />, <br /> <br />HILL, HILL AND MANGES <br />ATTORNEYS AT LAW <br />A PROFESSIONAL CORPORATION <br />FORT COLLINS} COLORADO 80522 <br /> <br />ALDEN T. HilL <br />ALDEN V. HILL <br />RICHARD B. MANGES <br /> <br />P. Q. BOX 421 <br />160 WEST MOUNTAIN AVE. <br />TELEPHONE (303) 482-3683 <br /> <br />GERALD W. LASKA <br /> <br />August 19, 1988 <br /> <br />Mr. Tony Martinez, Esq. <br />Department of Law <br />Attorney General's Office <br />1525 Sherman Street <br />Denver, CO 80203 <br /> <br />RE: The North poudre Irrigation Company - Colorado Water <br />Conservation Board - payoff to United States <br /> <br />Dear Mr. Martinez: <br /> <br />Enclosed are certified copies of documents which show <br />stockholder approval of the contract with United S1:ates for <br />Park Creek Reservoir and the Board authority for the President <br />and Secretary of the Company to execute the contract. <br /> <br />The contract specifically provided at page 14 <br />levying of assessments to repay the indebtedness of <br />mately $952,000.00. <br /> <br />for the <br />approxi- <br /> <br />The payoff at this time to the United States in the <br />neighborhood of $167,000.00 is obviously a much lesser number <br />and maintaining the assessments at the same level as they have <br />been set to meet the obligation to the United States will <br />enable North poudre to payoff this indebtedness to the <br />Colorado Water Conservation Board in approximately 11 years. <br /> <br />As additional information, I am including a copy of page 5 <br />from the 1987 Annual Report of The North Poudre Irrigation Com- <br />pany. This shows the recommended budget for 1988. Notice <br />$17.00 is included for loan retirement. There are 10,000.00 <br />authorized shares in the Company, thus $170,000.00 was approved <br />to pay on the loan retirement. Of that amount approximately <br />$19,900.00 went to the United States on the Park Creek loan <br />with the balance being applied to outstanding indebtedness on <br />Fossil Creek Reservoir and Reservoir No. 15 and a feasibility <br />study, all of the last three obligations have been worked out <br />between North poudre and the Colorado Water Conservation Board. <br /> <br />In the period of approximately 20 years that our office <br />has represented North Poudre, the stockholders have regularly <br />approved the recommended budget. It has been as high as <br />$100.00 per share. If there have been any yearly changes, they <br />normally would come in exactly what amount is needed for <br />operation, maintenance, and weed control. As you can <br />