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. . Consolidated Extension Canal Company Special Shareholder Meeting Bent's Fort Inn Friday, December 6,1996 A special meeting of the shareholders of the Consolidated Extension Canal Company was held at the Bent's Fort Inn on Friday, December 6, 1996. President, Don Halffield, opened the meeting at 1 :00 PM. The following shares were present or represented by proxy and a quorum was declared: Stockholder # of shares William Baker Loyde Gardner Public Service Company Harrel Ridley Eula Ridley Estate Loyal Stephens Robert West 3.5 305.5 660.25 40 50 20 15 (proxy for Harrel Ridley) (proxy for Harrel Ridley) . -------./ 1104.25/1233.25 shares outstanding Don Halffield presented a history of the siphon break from early August 1996 until the present. Don noted that the ditch company was able to deliver some water through the siphon until mid October when the siphon completely "blew out". The Natural Resources Conservation Service has provided some engineering assistance for the project, however, no Federal funding assistance was available for this project. Tom McDonald, with Public Service Company, has provided the main engineering support including several site visits and the preparation of an engineering specification and request for quote. Don has pursued low interest loan funding from the Colorado Water Conservation Board. A loan was approved at a 30 year rate of 3.75% on November 25. The contractor walk through was held on November 22, and the bid opening was held this morning in Las Animas. Don indicated that upon a review of the bids, it was the Board of Director's recommendation that Lillard and Clark be selected as the contractor to replace the siphon. Don discussed how the project had been split into two phases: the replacement of the wooden portion of the siphon along with the outlet works, this portion being absolutely required; and an optional phase to replace the remaining portion of steel pipe and the inlet works. Don laid out the current projected costs of the project and the estimated costs per share to proceed with the project, based on best and worst case scenarios. These are outlined below: Best Case (Replace wooden portion and outlet works) Construction: Performance Bond Construction Oversight $289,000 $3,800 $15,000 $307,800 CWCB loan amount Balance $230,850 $76,950 CWCB loan @ 30 years = $10.48/share CWCB loan @ 20 years = $13. 14/share CWCB loan @ 10 years = $22.17/share "