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<br />.HANDY DITCH COMPANY <br /> <br />Berthoud, Colorado <br /> <br />Special Shareholders'" Meetinq, October h 1991 <br /> <br />Minutes of the special meeting of the Shareholders of the Handy <br />Ditch Company held in the Berthoud Community Center, October 7, <br />1991 at One P.M. pursuant to the Call as read by Laurie A. <br />Anderson, Secretary. <br /> <br />John Waggener appointed the Credentials Committee consisting of <br />Wayne Graham and Laurie Anderson who, after tallying, reported <br />that there were 340,01 shares represented in person and 283.61 <br />shares represented by proxy for a total of 623.62 shares. There <br />being a quorum, Mr. Waggener declared the special meeting open <br />for its stated business. <br /> <br />Mr. Waggener reported on the progress of the Welch Reservoir No. <br />1 Outlet Works' repair and read the following resolution for <br />consideration: <br /> <br />RESOLUTION <br /> <br />Whereas, the Handy Ditch Company is required by the State <br />Engineer's Office to make extensive repairs at the Welch <br />Reservoir No. 1 Outlet Works, and providing the following <br />conditions are found to exist: <br /> <br />1. The estimated project cost is $190,000. <br />2. The Colorado Water Conservation Board will loan us <br />$310,000.00 which will cover 100% of the project costs and <br />repayment of our Wichita Bank for Cooperatives loan. <br />3. The interest rate of the CWCB loan will be 5%. <br />4. The payment period will be forty (40) years. <br /> <br />Now therefore, be it resolved that the Board of Directors of <br />the Handy Ditch Company is authorized to enter into a contractual <br />arrangement with the Colorado Water Conservation Board for the <br />purpose of such financing as may be required by the Handy Ditch <br />for the purpose of repairing Welch Reservoir No.1 Outlet Works <br />and repaying the Wichita Bank of Cooperatives loan. <br /> <br />Tom Bein moved to accept the resolution as read. Lovilo Fagan <br />seconded the motion and after no further discussion, the motion <br />was passed unanimously. <br /> <br />There being no further <br />Schooley seconded, and <br />adjourned. <br /> <br />business, Gary <br />it was carried <br /> <br />Gr ommon moved,. C. R. <br />t~.h hee m m~eting be <br /> <br />~. U. a~ <br /> <br />Laurie A. Anderson <br /> <br />F;~~ <br />