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<br />. <br /> <br />. <br /> <br />WOODCHUCK DITCH COMPANY <br />Shareholder's meeting <br />May 12, 2000 <br /> <br />Meeting althe Routt County Court House Annex, called to order by presidenl, Joe Zimmennan, 7 P,M, <br />Present: Chuck MacArthur, shareholder 57 Shares <br />Harvey Maron, shareholder 30 <br />Roger Brown, shareholder 170 <br />Joe Zimmennan. shareholder 80 <br />Palsy Wilhelm, shareholder 67 <br />Hill Blackett, shareholder 20 <br />Rick Wilhelm, guesl <br />Joe Walz, guest <br />Shares represented by Proxy: <br />Whileman School 90 <br /> <br />SHEELER: Joe reported that the lawsuit with Sheeler has been settled out of court as follows: <br />(1) $6.500 cash settlement. which has been paid, Original claim amounl was $22,000 plus, <br />Attorney's fees were estimated at $16.000, <br />(2) An emergency overflow musl be inslalled by October IS, 2000 down from Gunn Creek and <br />up from Sheeler's property (on Sheeler's property), <br />(3) A hcadgate must be installed al Gunn Creek by September 15, 2000, The dilch must be <br />inspected every two days prior 10 the headga\e installation and every three days after <br />instaJlalion, <br />(4) The dilch must be lined through Sheeler's property by June 30, 2000, <br />(5) Sheeler will install and second overflow devise updtich from ours as an additional safety <br />precaution, <br />To dale Roger Brown has spent $18,000 on attorney's fees and the Upper Yampa River Conservancy <br />Dislrist has sent $10,000, Note lhat the money from Roger is a loan, <br /> <br />DISCUSSION: Roger feels it should be required that each shareholder have a gale altheir point of <br />diversion, and thallhese gales should be purchased and installed by the shareholder, Suggests that no <br />waler be turned out of the ditch without such gale, <br /> <br />Due 10 the Game Trails Slide it is unlikely that there will be water in the dilch this season. Roger <br />suggested Ihat Ihere be a discussion with Whileman School that it the ditch doesn't run, no one has water, <br /> <br />GAME TRAILS SLIDE: The engineer's estimate 10 properly repair this area was $140,000 about two <br />years ago, Probably Ihal figure would be $ISO/16O,000 allhis time, Roger suggested Ihat someone <br />discusses the manner that this be bid with several contractors as well as with the Natural Resources <br />Conservalion Service to facilitate bidding, <br /> <br />The NRCS has approximately $65/$80,000 available for this projecl, and the Upper Yampa Conservancy <br />Dislrict has $40,000. The Dilch Company can borrow $40,000 from the Colorado Water Conservancy <br />Board for 20 years al 3,75% interest The annual payments wonld be $2,878 wilh the first annual <br />payrnenl due up front The conditions of the loan are that the Board of Directors musl vote to accept the <br />loan and agree to pay it back. <br /> <br />Harvey Maron made a molion that the Woodchuck Ditch Corporation accept the loan, Roger Brown <br />seconded, motion passed, <br /> <br />Roger Brown moved that the Board of Direclors borrow the money and agree to repay, Chuck MacArthur <br />seconded the molion. motion passed, <br /> <br />OUTSTANDING Bll.LS: <br />Ireland, Staplelon, Pryor & Pascoe, Attomeys al Law: due now $10,082,00 <br />Fees through April $27,447,14, more due after May, <br />