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<br />026.1 <br /> <br />Precipitation measured at Ordway during 1972 was as follows (inches rr.r <br />month) : <br /> <br />January 0.30 July 1.02 <br />February 0.13 August 1.14 <br />March 0.48 September 1.77 <br />April 0.89 October 0.25 <br />May 2.35 November 2.06 <br />June 1.62 December 0.36 <br /> Total ..... . 12.37 Inches <br />The 40 year average annual precipitation at Ordway is 11.32 inches. <br /> <br />On May 17, 1972, t~ Board of Directors closed a land exchange transaction <br />with Eugene BOM. Through this exchange the Company acquired fee title to <br />considerable free board for our Twin Lakes Reservoir plus $412,500.00 in <br />cash. This transaction permitted the Board to waive the note retirement <br />assessment levied rr.r the stockho]~ers at the 1972 annual meeting. <br /> <br />During 1972 contracts for sale of Twin Lakes stock have been consUlllll1ated <br />rr.r individual stockholders. On November 10, 1972, at a special stock- <br />holders' meeting the Articles of Incorporation of The Twin Lakes Reservoir <br />aM Canal Company were Changed in order to permit Twin Lakes water to be <br />\lsed other than on lands under the Colorado Canal. <br /> <br />The change of the Twin Lakes artioles made it necessary for the Colorado <br />Canal to be operated separate from the Twin Lakes system. Therefore, a <br />Colorado Canal Company has been organized and at this time is operating <br />the canal. A Board of Direotors consisting of five directors will be <br />eleoted at the stockholders' meeting on January 22, 1973. <br /> <br />RespectfUlly submitted, <br /> <br />T. W. McCurdy <br /> <br />-3- <br /> <br />r:;;i <br />