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As a corporation, the Company has the authority to enter into contractual <br />• arrangements with the Colorado Water Conservation Board and the authority <br />to vest title to the project or a portion thereof in the Colorado Water <br />Conservation Board. <br />The Ditch Company is negotiating with the North Fork Water Conservancy <br />District in an attempt to have the Conservancy District act as the Ditch <br />Company's sponsor for this project. Should these negotiations fail, the <br />Ditch Company will become a Conservancy District. This change would make <br />the Ditch Company a public entity with taxing authorities and also make the <br />Company eligible for grants from Local Affairs. <br />FINANCIAL STATUS & ASSETS <br /> <br />The Minnesota Canal and Reservoir Company has furnished income and expense <br />statements for the years 1981 and 1982. They are attached in the Appendix. <br />As furnished by the Company, the assets of the Company include the <br />Minnesota Dam, 9/16 ownership of the Beaver Reservoir, one old jeep and a <br />cabin on Forest Service land above the Minnesota Dam. The Beaver Reservoir <br />supplies an annual total of 800 acre feet. <br /> <br />II-2 <br />