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<br />""""""-''-'''-.....:.....;;.1 <br /> <br />.. <br /> <br />SWCOLAGRESCTR <br /> <br />- <br /> <br />PAGE 02 <br /> <br />~, <br /> <br />\ <br /> <br />2/'1 <br /> <br />SUmmit Reservoir and Irrigation Company Annual Meeting of <br />January 23, 1993 The meeting was called to order by PreSident <br />Stanley McCabe lit 1:55 PM. A proxy commtltee of Harvey Young, Wesley <br />Walker IInd Howard Van Pelt was appointed to examine the proxies. Ron cal1 <br />was held and 0 quorum was declered with 138 shores represented in person <br />end 89 by prollY for a total of 227 sheres. <br /> <br />The minutes of the 1992 meeting were read and appro 'led llS reac!. <br /> <br />Thor GroswOld introduced Rod Clllr1(, SCS engineer from Cortez. Rod brought <br />us up to elate on the IIssessment the SCS and the company have been making <br />of the Summit system, He presented a written report which is attached to <br />and m8ds 0 port of these minutes Rod speculated thllt some of our required <br />projects will be Qualified for funOing under the Salinity program and <br />possibly the RC&.D program. The company may also be Quelified for long <br />term loans from the Colorado Water Conservation Board. These loens ere <br />currently at Sl. <br /> <br />Thor Groswold presented the ennual report of work: accomplished by the <br />company in 1992. The siphon was the biggest expense item. Other mejor <br />expenses were the cleaning of the TUrkey Creek Ditch, clearing of sl1Cles end <br />large boulders out of the Lost Canyon Ditch, end the cleenlng of South Hein <br />Ditch. The Mein Ditch was cleaned out behind Rudy Baumels. The state dem <br />inspections were 811 good and we have no major requirements this yeer, <br />Only minor maintenence, spraying of willows, maintaining grade, and some <br />rip-rap replacement. <br /> <br />David Sl!Inford presented the financial report. The compllny operated under <br />budget lest year and we are in good shape financially, We paid off the <br />CoBenk loen and ere now paying on only the ColoradO Weter Conservetion <br />Board loen. A copy of the financial report is attached to and made e pert of <br />these minutes. <br /> <br />Old Business Thor GroswOld reported tMt the by-Iews committee Mil met <br />seyerol times and were recommending the adOPtion of the by-laws as they <br />were sent to all stockhOlders. Our attorney advises that it will take e 2/3 <br />mejority of the yates present to PIlSS the restated by-laws. Comments from <br />those present iMlcated thllt we should go through the resteted by-laws <br />Item by item. This was done and resulted in the changing of some wording <br />end the striking out of a few sentences. The article regarding the chenge 1n <br />the number of directors ana StllgYllflld terMS rc:;ultod In II IIntl!. It was <br />moved by Leo Port end secoMed by H8rvey Young that the number of <br />