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~ '^' THE FARMERS INDEPENDENT DITCH COMPANY The Board of Directors of FIDCO called a special meeting March 24, 1997 at 7:00 P.M. at the Gilcrest Firehouse in Gilcrest, Colorado. Directors present were Eckhardt, Briggs, Schafer and Weingandt. Superintendent, Newt Bostron and 539 7/20 shares represented in person or by proxies were in attendance; attendance sheets signed by all Stockholders in attendance are attached as an Exhibit. Company legal counsel, Chrysten Hinze was also in.attendance. President, Frank Eckhardt, Jr. called the meeting to order and advised the first order of business was the presentation of the information as to the cost of ditch improvements along Road 35 requested to be investigated at the 1996 annual meeting and brought back to the Stockholders at a special meeting. The President out- lined three estimates which were secured and various options avail- able, along with reasons why the Board felt replacement was neces- sary and accordingly they were recommending replacement rather than repair. He explained the method of financing of these improvements by ASCS and by Colorado Water Conservation Board. Basically, one half the cost of the recommended replacement by ASCS will be paid up to 24,000 and the balance to be paid off by a loan and repaid over 30 years, at 3 3/4 percent interest loan with Colorado Water Conser- vation Board. Both of these plans have been approved. After a long discussion as to the need for the replacement of section or sections of ditch, cost of replacement, length of replacement, and the ques- tion of contribution by property owners affected and their in kind cost sharing from Weld County 1 Colorado and also discussed was the potential increase per share expected. The cost should not increase assessments more than $5.00 ,per share in any year for repayment. Other operating cost may vary, based on needs and inflation. Bruce Sandau made a motion to have the Board of Directors of FIDCO review and pursue and complete the bid to include whatever cost sharing with owners can be made and with Weld County, Colorado for in kind services it will provide and to investigate necessity for the length of pipe for the project and to secure all possible sav- ings with each contractor bidder before proceeding. The motion was seconded by Terry Weideman. A voice vote was called for and all nay1s were polled for the number of shares and recorded at their request, Zabka Farm 36 1/2; Todd McCormick 20; Gary McCormick 5/ Robert Ewing 10; Doyle McCarthy 15 1/2; John Martindale 5; a total of 110 shares. The balance of those present and those voting by proxy were voted aye; this motion was passed.