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<br />.. <br /> <br /> <br />reo ~~-~~~l 11:~8 <br /> <br />MERRILL LYNCH GRAND JUNCT <br /> <br />970 243 3493 P.0~/03 <br /> <br />) <br /> <br />--) <br /> <br />West Rhone Lateral Ditch Company Meeting Minutes <br />Annual Shareholders Meeting <br />January 27, 2001 <br /> <br />The meeting was called to order by President Karen Foge1quistat 1:14 p.m. at 2074 I Road, <br />Fruita, Colorado. <br /> <br />Those attending were: Bob Neumann, Jean Ely, Dusty Watchman, Bob McPherson, Pat <br />Edwards, Carol Todd, Dennis Wooters, Dee and Karen Fogelquist,. Beth and Cleve Gibbon, Joe <br />Lynn (in person, for a total of 104 shares). Proxy forms were received from Hess, Riffel, Weston, <br />Herrera (for a total of22 shares). Absent: Ranney. Guest: Darrell McKay. <br /> <br />126 shares ofthe 130 shares issued by the corporation were represented in person or by proxy; <br />therefore, bylaws requirements for a voting quorum were met. <br /> <br />Minutes from the November 14, 2000 shareholders meeting were distributed and read. Motion to <br />approve minutes by Karen Fogelquist,' second by Dusty Watchman, and approved by all. <br /> <br />Karen provided an update on the status and schedule for the pipeline construction project: <br />Engineering designs and approvals - complete, <br />Easements, right-of-ways, and pennitting -complete; contractor will do County road pennit. <br />Trust account far GVlC shares - complete ex:cept for 3 landowners. <br />Grants from USDA and River Oistrict - USDA complete; River District in April. <br />Loan from State ofColarado - approved far $100,000; contract ta be prepared/eigne<! soon. <br />Construction schedule and inspection needs - ex:pect to start 2/26; Neumann, Lynn, and <br />McPherson volunteered ta help with inspection needs. . <br />Training shareholders on operation of the new pipeline - to be held in lieu of ditch cleaning. <br />Advertisement for bid proposals was in the paper, contractors names were taken, and the bid <br />process was explained. <br /> <br />The Board presented proposed assessments to be ratified by the shareholders for: <br />1. Special construction assessmen~ to be levied against all shareholders except those who <br />already paid for construction of the south end pipeline. A $500 per shareholder <br />assessment would be pro-rated by shares, at 5250,00 per "A:' share and $39.75 per "B" <br />share, for a total assessment from the shareholders of $5,500. A discussion ensued <br />regarding the previous south end pipeline contributions of$500 per shareholder, labor <br />cantributed by the five south end shareholders, and whether or not the proposed special <br />construction assessment was equitable to all. All five south end shareholders were present <br />at this meetiIig (Lynn, Gibbon, Todd, Neumann, Edwards). After discussion, they agreed <br />to support the proposed $500 pro-rated assessment to the other shareholders and deemed <br />it equitable, even though a contractor will be perfonning the upcoming construction work <br />instead of the shareholders. All shareholders present also agreed not to raise this issue <br />again in the future, that this is one pipeline serving aU shareholders. Jean Ely moved to <br />ratity the assessment, and Karen Fogelquist seconded the motion. The motion was carried <br />unanimously. <br /> <br />1 <br />