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<br />.-.." <br /> <br />TREMONT MUrUAL DITCH COMPANY <br />MINUTES OF SPEGAL MEETING OF SHAREHOLDERS <br /> <br />By the .call of the President, a special meeting of shareholders of the Tremont <br />Mutual Ditch Company was held on Friday, JW1e 21, 1996, at 6:00 P.M. at the Snyder <br />Community Hall, 29369 4th Street, Snyder, Colorado, for the purpose of considering <br />and taking action with respect to long-term financing with the Colorado Water <br />Conservation Board to help defray the cost of reconstructing the Company's <br />diversion structure in the South Platte River, to consist of a loan of $45,000.00 for a <br />term of twenty years payabie annually in the sum of $3,311.18, including interest at <br />4% per annum, and to transact any other business that may properly come before <br />the meeting or any adjournment of the meeting. <br /> <br />Present in person or by proxy were shareholders representing 1,002 shares out <br />of a total of 2,000 shares outstanding, as follows: <br /> <br />Present in Person: <br />Ed Lake <br />Ivan Chabot <br />Dale Weiderspon <br />Cary Kembel <br />John Sample <br />Bo Chapin <br /> <br />Number of Shares <br />189 <br />80 <br />203 <br />190 <br />74 <br />4 <br /> <br />Total <br /> <br />740 <br /> <br />Present by Proxy: <br />Rachel Roth <br />Fred Grau, Inc. <br />Thelma Williams <br /> <br />Number of Shares <br />134 <br />125 <br />3 <br /> <br />Total <br />Grand Total <br /> <br />262 <br />1,002 <br /> <br />The Secretary presented the President's call for the special meeting of shareholders, <br />the form of Notice of the special meeting of Shareholders and Directors, and the <br />proxies. The President determined that a quorum was present for the conduct of <br />business and ordered the forms 'of the call of meeting, the notice of meeting, the <br />certificate of notice, and the proxies be filed in the minutes of the Company records. <br /> <br />The Treasurer discussed the current financial situation of the Company, <br />informing the shareholders that the total cost to the Company of repairing flood <br />damage and reconstructing the headgate in the South Platte River was <br />approximately $60,000.00; that the Company had obtained a construction loan with <br />the Farmers State .Bw of Fort Morgan for $40,000.00, for a term of six months, at <br /> <br />APPENDIX A <br />