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<br />,- - ~ <br />,. , <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />MOSES, WITTEMYER, HARRISON AND WOODRUFF, P. C. <br /> <br />Mr. William P. stanton, P.E. <br />January 17, 1995 <br />Page 2 <br /> <br />water is secure or insecure, you invited me to document the <br />willingness of the Trustee to either sell the Hay Gulch water <br />outright to MCQWD, or enter into a further lease extension. In <br />your December 8, 1994 letter to Mr. Paul McDill, President of <br />MCQWD, you likewise advised him to expect questions from the Board <br />at the January 25 meeting "regarding alternatives to the proposed <br />project including but not limited to purchase of the Hay Gulch well <br />field." <br /> <br />Accordingly, I enclose for your information and that of <br />the Board the following correspondence documenting the Trustee's <br />recent and continuing efforts to either sell the wells outright to <br />MCQWD or alternatively enter into a mutually-agreeable lease <br />extension: <br /> <br />,1. November 25, 1992 letter from the Trustee, David W. <br />Holman, to MCQWD I S attorney 1 Mr. McClary, alluding to a recent <br />discussion in Mr. McClary's office regarding such a sale, and the <br />issue of fairly pricing the wells in view of several necessarily <br />uncertain assumptions about the future. <br /> <br />2. December 7, 1992 follow-up letter from the Trustee <br />to Mr. McClary identifying an acceptable cash price for the wells <br />and inviting further discussion of such a sale. <br /> <br />3. November 10, 1994 letter from the Trustee to Mr. <br />McClary, reiterating the unanimous desire of the beneficial owners <br />to negotiate a sale or lease extension with MCQWD. <br /> <br />4. January 5, 1995 letter from the Trustee to Mr. <br />McDill following-up on the December 7, 1992 and November 10, 1994 <br />letters which, as of today, still remain unanswered. <br /> <br />Should you or any Board member wish to independently <br />verify the complete willingness of Northern Trust Company and its <br />trust beneficiaries to immediately resume negotiations for the sale <br />or extension of the lease of their three Hay Gulch wells (with the <br />very likely inclusion of Dr. Beaghler' s additional well), please do <br />not hesitate to contact Mr. Holman at his direct line in Chicago, <br />312-557-2703. I also want to let you know that Mr. Ross seyfried, <br />and possibly other representatives of the Seyfried Family, plan to <br />be present for this agenda item at the January 25 meeting, and will <br />certainly be happy to answer any questions of the Board or staff at <br />that time. In the meantime, if I can provide any additional <br />information that would be helpful to the Board, please call me at <br />443-8782. <br />