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"'~6N.THE NORTH POUDRE IRRIGATION COMPANY
1993
DIRECTORS
Manuel Pineda ... Fort Collins, Colorado Dennis Marsh .. ... Fort Collins, Colorado Duane Aranci ... Fort Collins, Colorado Dorothy Schild ... ... Fort Collins, Colorado Dennis Bode ... ... ... Fort Collins, Colorado
OFFICERS
Manuel Pineda ... President Duane Aranci ... Vice Presi.dent Robert L. Stieben ... Manager Vi Proctor ... ... . Secretary/Treasurer
ORDER OF BUSINESS
According to the By-Laws, the order of business of the stockholders meeting shall be as follows:
1. Meeting called to order by the chairman at 10:00 a.m.
2. Appointment of three stockholders of the Company as a credentials committee
3. Registration of proxies with credentials committee 4. Report of credentials committee
5. Annual report
6. Nomination of directors
7. Opening of polls for election of directors 8. Old business
9. New business
(A) Vote on assessment for the year
The 1993 water season started with a snowpack of 130°/o average. Even with this above normal snowpack there was no big runoff. The Cache La Poudre produced an average of 286,000 acre feet. The river peaked on the 18th of June at 3241 cfs. Again due to a cool summer the water demand was slow.
As a usual weather year we had our rains and minor flooding around the 28th of May, on the 6th of June, and hard rains around the 8th of August.
Then it was snow and rain on the 13th of September which hampered the harvesting of silage corn, alfalfa, and pinto beans. In late October thru the early part of November, cool wet weather again delayed the harvesting of sugar beets and grain corn. Some farmers finally finished up combining corn in December. The North Poudre staff and veteran work crew handled all these erratic weather changes in a very professional like manner. No problem.
The Halligan Reservoir Agreement between North Poudre and the City of Fort Collins was on the North Poudre agenda every month of 1993, and had been discussed by the North Poudre Board for the past ten years.
On the 28th of October 1993 at the office of Hill & Hill in Fort Collins, the final Halligan Reservoir Agreement was signed by your President. The Board of the Fort Collins Water Utility approved the Agreement on November 2, 1993. The first option payment for $70,000 will be paid before December 31, 1993.
The North Poudre Irrigation Company's Directors, staff and legal counsel thank the representatives of the City who have worked and persevered to complete the Halligan Reservoir Agreement. North Poudre believes there is an opportunity for a long-term positive impact for the City, North Poudre, and the northern Colorado area. The multiple beneficial uses which are possible under this project would benefit this area of Colorado in the years to come. We are hopeful and optimistic the City will now pursue this project diligently and vigorously.
The NPIC and Duane Smith P.E. of Smith Geotechnical, continue to move forward on the rehabilitation of Reservoir #6 and #5. Currently Duane is working on land surveys to identify the boundary between North Poudre property and that of adjoining landowners. Duane is looking to be able to get specs and plans to the State Engineer sometime in February of 1994, so that construction can begin by mid summer of 1994. Some land acquisition will be necessary for this project. The company has already purchased 11 acres on the east side of Reservoir #6 for $43,000 to resolve a question of ownership. At this time the Company does not forsee a problem in purchasing the rest of the land it needs for its operation of the reservoir.
The home building boom continues out in the Larimer County farmlands.
As reported last year, problems keep arising with the subdivision of farmland along NPIC ditches, canals and reservoir boundaries. This takes up a lot of the time of the Board, manager and legal counsel.
On the 16th of August 1993 Judge Robert Behrman issued a decision concerning the City of Thornton water transfer project. The northern Colorado water users who opposed this project and Thornton are now participating in decree conferences to draft a decree that fits within the rulings issued by Judge Behrman. More litigation certainly appears to be in store in this project. Whatever the outcome, it is expected that there will be an appeal by one of the parties involved.
At last year's annual meeting it was suggested by a stockholder to have a tour of the Halligan Reservoir area for those persons who had not seen the structure. The tour was conducted on the 28th of August. Over 80 stockholders responded to the invitation to go. The Company hired two touring buses to take stockholders to the dam, while quite a few of the stockholders motored to Halligan in their own autos. The weather was nice and a good time was had by everyone. I believe we should continue these tours to some of the other major facilities of the North Poudre system.
A decision on the Federal Reserved Water Rights Case was issued by Judge Behrman in the summer of 1993. The Judge basically ruled in favor of the water users who were opposing the Federal government's claim for water originating on National Forest Lands. The Federal government will appeal the decision based on its interpretation of the language of the Judge's ruling resulting in more litigation and expenses in trying to protect our water rights and interests! At the fall water users' meeting, Judge Behrman, the keynote speaker, urged the water users present to
"challenge" the Federal government and its agencies in their continuing
claim for water rights. ·
As was also reported to you last year, the U.S. Forest Service and the U.S. Fish & Wildlife Service are picking up the claim for water rights that the U.S. lost in the reserved rights case. The Cities of Fort Collins and Greeley along with the Water Supply and Storage Company have been targeted as entities that could have some of their water rights taken over by the Federal Government.
Dr. Jim Hansen of CSU and his staff continue to compile and index information on NPIC history. A lot of this information has been entered into a computer. Their work has been delayed this fall and winter because of some other commitments at CSU. They do plan to complete this project sometime in 1994.
Traditionally the NPIC Board and its staff keep expanding their knowledge of land use and water issues by attending workshops, seminars, and meetings at the local, state, and national levels. Our employees must also be commended for their participation in equipment and weed control workshops.
THE WORD IS- Keep informed and stay involved. Take heed to what the general public is saying about land and water issues!
The North Poudre Irrigation Board welcomes all of you to the 92nd annual stockholders meeting in Fort Collins, Colorado on February 7, 1994.
Come early, register, have lunch and visit with us. Please stay and participate in the business meeting! We hope to see you all there.
Respectfully submitted, Manuel Pineda, President Board of Directors
The North Poudre Irrigation Company
RECOMMENDED 1994 ASSESSMENT
$ 8.00 for Water assessment 21.00 for CWCB loan retirement
1 .50 for Weed control
4.50 for Right of way acquisition 40.00 for Operation and maintenance
$75.00
$45.00 per share due and payable April 1, 1994, interest at 1112°/o per month charged after May 1, 1994.
$30.00 per share due and payable October 1, 1994, interest at 1112°/o per month charged after November 1, 1994.
No water will be delivered on delinquent accounts.
Total assessments of $75.00 per share are due April1, 1994 on two shares or less.
North Poudre extended the 1993 irrigation season one week beyond the normal shut-off date. This would not have been necessary as things turned out because a substantial amount of precipitation fell during September. This reduced the demand for irrigation water and made late deliveries difficult. It also increased the ditch losses or "shrink"
substantially.
All of the materials that have been stored at the old maintenance yard on Roosevelt Street have been moved to the new shop site on County Road 64. The Roosevelt Street property is being offered for sale.
A new 40' x 80' pole shed will be built north of the existing maintenance shop. This will provide much needed storage space. A chain link fence was installed by North Poudre employees to enclose the maintenance area for security reasons.
A part of the ditch between Wasson Reservoir and #3 Reservoir was straightened and shaped, and reinforced with rip-rap. Also a part of the ditch connecting Smith Lake and #4 Reservoir was placed in concrete pipe and backfilled. These jobs required machinery that North Poudre does not have so the work was done under contract with Barker Construction.
I believe the policy adopted by the Board concerning cattle guards that was reported in the newsletter should be explained. This policy was necessary to protect North Poudre's rights as more and more development occurs around Company facilities. The policy was adopted July 7, 1993 and is to be enforced when boundaries of tracts developed after that date cross North Poudre ditches or interfere with its legal access to operate and maintain its facilities. North Poudre will work with property owners who had installed fences, gates, and livestock guards in ditches prior to the adoption of this policy to give North Poudre personnel reasonable access without interfering with the rights of the owners. If you have questions about how this policy will affect a specific situation please contact me before any construction is started.
North Poudre has undergone some major changes in recent years. One of these changes can be illustrated by comparing the number of shareholders today with the number in 1981. There were 488 shareholders in 1981. At the end of 1993 there were 664 shareholders, an increase of 176. During this time domestic water providers, like the City of Fort Collins, have acquired a larger ownership of the Company. The increase has come·
about mainly from larger tracts of land being divided into 35 acre parcels or less. Most of the time one-half share of North Poudre water is sold with each parcel and the remaining shares that had been used on the land are either sold or held by the owner and rented annually.
I am always available to answer questions about the operations of the Company.
Year Assmt. Ac.Ft/Share Cost per
delivered Ac.Ft.
1985 100.00 4.31 23.20
1986 75.00 5.65 13.27
1987 75.00 4.03 18.61
1988 70.00 4.80 14.58
1989 75.00 4.25 17.65
1990 75.00 4.48 16.74
1991 75.00 4.12 18.20
1992 75.00 4.11 18.20
1993 75.00 4.97 15.09
Source
Storage - November 1 , 1992 North Fork
Munroe Canal Direct deliveries
Distribution
Storage - November 1 , 1993 Stockholders
Rental from #5
Evaporation & distribution loss
Fossil Creek Reservoir
Preferred Rights Exchanged for CBT Regular exchanges Rental
Acre Feet
21,935 34,975 29,600 6,041 92,551
28,034 45,820 200 74,054 18,497 92,551
3,420 2,575 2,705 2,000 10,700 CBT Quota 600/o - 24,000 Acre Feet
Dividends
April 7, 1993 - penalty April 7, 1993
May 27, 1993 - penalty July 7, 1993
Acre Feet Per Share
1.0 3.0 1.0 1.5 6.5
ANNUAL PRECIPITATION IN INCHES
Year Wellington Cactus Buckeye Livermore
1960 8.84 9.61 7.67
1961 24 .. 95 19.38 18.51
1962 13.90 9.67 13.18
1963 12.10 9.70 11.84
1964 5.64 4.51 5.21
1965 16.50 11.55 15.46
1966 8.21 4.74 8.10
1967 22.52 18.28
1968 10.26 9.18 8.49 4.80
1969 15.39 15.80 14.83 15.82
1970 11.48 14.22 9.61 13.71
1971 13.27 13.04 10.57 12.45
1972 13.50 15.02 10.87 11.22
1973 10.90 15.11 11.10 14.64
1974 8.84 10.65 9.56
1975 11.13 11.90 7.48
1976 10.39 7.00 10.77
1977 10.35 9.72 13.88
1978 10.25 12.87 11.70 15.03
1979 19.59 20.78 16.27 21.50
1980 13.51 12.58 14.61 17.61
1981 12.93 12.01 15.48 14.56
1982 19.07 17.63 18.36 16.64
1983 16.68 18.73 17.67 20.73
1984 13.44 13.51 16.26 20.86
1985 12.73 10.19 10.30 12.06
1986 11.41 8.15 11.24 9.50
1987 9.87 9.40 10.58 14.93
1988 11.51 9.10 10.89
1989 14.26 10.59 11.98 10.20
1990 14.93 11.97 18.22 21.30
1991 11.07 10.50 14.00 18.6
1992 13.70 14.52 13.85 14.05
1993 13.83 12.87 16.45 19.10
HILL & HILL, P.C.
Attorneys at Law A Professional Corporation Fort Collins, Colorado 80522
December 17, 1993
We have now acted as attorneys for The North Poudre Irrigation Company for the last 26 years. We have appreciated the opportunity. North Poudre shareholders are fortunate indeed to have Directors and a Manager so capable and conscientious in exercising their decision making for North Poudre.
Alden V. Hill has attended the twelve regular monthly Board meetings and all special meetings when requested. From December of 1992 through November of 1993, the firm spent at least 341 hours on matters relating to the Company. This is a decrease of 159 hours from the time spent in the previous year.
Work has continued on boundary information and property rights as the company goes forward with the plans to rehabilitate Reservoirs #5 and #6.
A milestone was reached with the signing of the agreement on Halligan Reservoir between the City of Fort Collins and North Poudre on November 2, 1993. Many hours of work were spent by the North Poudre Board, the Manager, our office, and City officials and attorneys in efforts to make a workable agreement. It will probably be several years before we know whether the expansion will be pursued by the City. The basic concept of the agreement is to preserve North Poudre's storage rights in Halligan and allow the City to own and operate an expanded Halligan.
The lawsuit which was pending in the District Court of Larimer County against North Poudre and Orion Helicopters, Inc. for damages for personal injuries allegedly resulting from aerial spraying for noxious weeds near Clark Lake has been settled. It was settled by the insurance company after an out-of-court settlement conference with the judicial arbitration group in Denver. North Poudre's insurance company had reserved its rights, meaning there was a question of whether or not there was insurance coverage. The case cost North Poudre shareholders $5.00 a share, plus the time and expense incurred by our office in protecting North Poudre's rights. The cost of continuing the litigation would have been much more.
There continue to be many small subdivisions or land divisions occurring around ditches and reservoirs in the North Poudre system. It seems like
the volume has diminished, but our area continues to grow, and these problems continue to affect the company. Fences are placed across rights of way. Exact location of boundary lines· must be determined.
The plans for making augmentation water available out of Fossil Creek still exist, but no firm arrangements have been completed. There does not yet seem to be a demand which translates into paying money for rights for augmentation water.
As stockholders probably know, the Thornton water transfer case is still waiting a final specific decision, as the principal parties, Thornton and the Northern Colorado Water Conservancy District, discuss the more precise terms of a decree. It's prob?ble there will be an appeal on some matters.
The Forest Service's determination to compel minimum stream flows in its permit process without paying compensation for the water is still an unsettled issue. The Forest Service may have more support for what it's doing on this issue than it had in the prior administration. What is being done is an effort to take property without paying for it by using administrative red tape and expense to accomplish minimum stream flows.
As this year ends, beyond water delivery problems, the country still struggles with a recession, and violence and killing seem beyond control.
In spite of the problems we all face, we hope and believe 1994 will be a productive and successful year for the stockholders and employees of The North Poudre Irrigation Company.
Very truly yours, HILL and HILL, P.C.
Alden T. Hill Alden V. Hill Douglas A. Glover Attorneys at Law
160 West Mountain Avenue P.O. Box 421
Fort Collins, Colorado 80522 Telephone: 482-3683
•./)
Board of Directors
North Poudre Irrigation Company Wellington, Colorado
November 29, 1993
We have audited the accompanying balance sheets of the North Poudre Irrigation Company (a tax exempt corporation) as of October 31, 1993 and 1992, and the related statements of income and retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the North Poudre Irrigation Company at October 31, 1993 and 1992, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Respectfully submitted,
Brock, Watkins & Schommer Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
North Poudre Irrigation Company Wellington, Colorado
Balance Sheets October 31, 1993 and 1992
ASSETS
Current Assets 1993
Cash and Cash Equivalents (Note 1) 217,836
Assessments Receivable 27,838
Note Receivable (Note 2) 4,005
Prepaid Expense 16,159
Total Current Assets 265,838
Property Assets (Notes 1 and 3)
Land 336,070
Construction in Progress 85,178 Priorities, Water Rights, and Easements 708,804 Ditches and Reservoirs 11,043,578 Buildings and Improvements 120,062 Radio and Office Equipment 56,606 Machinery and Equipment 209,590 Transportation Equipment 106,643
Total 12,666,531
Less: Accumulated Depreciation (2,729, 175)
Total Property Assets 9,937,356
Other Assets
Stock of Other Companies (Note 1) 17,941 Note Receivable (Note 2) 5,321
Total Other Assets 23,262
Total Assets 10,226,456
The accompanying notes are an integral part of these financial statements.
Exhibit 1
1992
163,610 38,299 3,626 9,406 214,941
336,070 18,038 693,804 11,043,578 113,473 56,606 204,536 97,991 12,564,096
(2,578,928) 9,985,168
17,941 9,325 27,266 10,227,375
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LIABILITIES
Current Liabilities 1993
Notes Payable (Note 3) 52,515
Accounts Payable - Trade 27,609
Accounts Payable-
Water Purchase (Note 4) 60,000
Accrued Interest Payable 75,276
Payroll Withholding Payable 461 Accrued Compensated Absences 8,011 Accrued Salary and Wages 9,451
Total Current Liabilities 233,323
Long-Term Liabilities (Note 3)
Notes Payable 3,112,274
Total Liabilities 3,345,597
STOCKHOLDERS' EQUITY
Paid in Capital
Common Stock (10,000 Shares Authorized,
$50 Par Value, 10,000 Shares Issued, 9,998 Shares Outstanding 1993,
9,995.75 Shares Outstanding 1992) 500,000 Additional Paid in Capital 430,197
Total Paid in Capital 930, 197
Retained Earnings
Total Paid In Capital and Retained Earnings Less: Treasury Shares at Cost
(2.00 Shares 1993, 4. 75 Shares 1992) Total Stockholders' Equity
Total Liabilities
and Stockholders' Equity
Exhibit 1
5,952,831
6,883,028
(2, 169) 6,880,859
10,226,456
1992 50,013 21,707 60,000 76,424 7,830 9,680 225,654
3,109,787
3,335,441
500,000 418,450
918,450 5,977,581
6,896,031
(4,097) 6,891,934
10,227,375
North Poudre Irrigation Company Wellington, Colorado
Statements of Income and Retained Earnings For the Years Ended October 31 , 1993 and 1992
Operating Revenues 1993 1992
Assessments 750,446 750,240
Recreational Leases 131,700 91,900
Other Operating Income 69,866 118,498
Reimbursements 8,386 5,692
Stock Transfer Fees 5,540 4,120
Total Operating Revenues 965,938 970,450
Operating Expense
Salaries and Wages 246,471 247,698
Depreciation 150,247 141,283
Repairs and Maintenance, Buildings,
Ditches, Reservoirs, and Equipment 107,233 156,926 Water Purchased and Assessments 76,598 76,325
Legal Fees 38,786 47,581
Insurance 32,615 32,395
Employee Benefits 24,261 21,080
Payroll Taxes 21,563 21,634
Ditch Riders' Expense 17,737 17,026
Directors' Fees and Expense 15,675 14,970
Office and Other Expense 15,370 13,799
Weed Control 15,003 19,295
Utilities and Telephone 12,297 12,141
Gas and Oil 11,492 12,482
Machine Hire 6,719 3,471
Engineering Fees 3,619 6,626
Vehicle and Other Taxes 3,464 4,099
Accounting Fees 2,700 2,600
Mileage 571 2,695
Total Operating Expense 802,421 854,126
Income From Operations 163,517 116,324
The accompanying notes are an integral part of these financial statements.
Exhibit 2
North Poudre Irrigation Company Wellington, Colorado
Statements of Income and Retained Earnings For the Years Ended October 31 , 1993 and 1992
Other Income (Expense) Gain on Sale of Assets Interest and Finance Charges Oil and Gas Royalties
Interest Expense
Total Other Income (Expense)
Net Income (Loss) Before Extraordinary Item
Extraordinary Expense
Lawsuit Settlement (Note 5)
Net Income (Loss)
Retained Earnings-Beginning of Year Retained Earnings-End of Year
1993
5,800 13,553 (157,620) (138,267)
25,250
(50,000)
(24,750) 5,977,581 5,952,831
The accompanying notes are an integral part of these financial statements.
Exhibit 2
1992
16,000 4,219 14,597 (160,380) (125,564)
(9,240)
(9,240) 5,986,821 5,977,581
North Poudre Irrigation Company Wellington, Colorado
Statements of Cash Flows
For the Years Ended October 31 , 1993 and 1992 1993
Cash Flows From Operating Activities
Net Loss (24,750)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation 150,247
Gain on Sale of Equipment Decrease (Increase) in Assets:
Assessments Receivable 10,461
Prepaid Expenses (6,753)
Increase (Decrease) in Liabilities:
Accounts Payable 5,902
Accrued Expenses (735)
Net Cash Provided by Operating Activities Cash Flows From Investing Activities
Proceeds From Sale of Equipment Collection of Loans Receivable Purchase of Equipment and
Property Assets
Net Cash Used by Investing Activities Cash Flows From Financing Activities
Capital Contribution
Purchase of Treasury Stock Proceeds From Short-Term Debt Proceeds From Long-Term Debt Repayment of Short-Term Debt Repayment of Long-Term Debt Net Cash Provided by Financing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents -
Beginning of the Year Cash and Cash Equivalents -
End of Year
Exhibit 3
134,372
3,625 (87,435) (83,81 0)
(1 ,325) 72,000 55,002 (72,000) (50,013) 3,664 54,226 163,610
217,836
1992 {9,240)
141,283 (16,000) (12,717) (1 ,494) (14,443) (2,950) 84,439
16,000 3,282 (45,836) (26,554)
65,000 (2,700) 131,000 (131 ,000)
(47,632) 14,668 72,553 91,057
163,610
North Poudre Irrigation Company Wellington, Colorado
Statements of Cash Flows
For the Years Ended October 31, 1993 and 1992
Supplemental Cash Flow Information
Amounts paid in cash for interest expense during the periods were
$158,768 for 1993 and $161,473 for 1992.
Noncash Activities
During 1993, the Company exchanged 3 shares of Company stock with a fair market value of $15,000 for a North Poudre "Old Right." The estimated fair market value of the water rights received was recorded as an asset with a corresponding amount charged to additional paid in capital and treasury shares.
The accompanying notes are an integral part of these financial statements.
Exhibit 3
INDEPENDENT AUDITOR'S REPORT
North Poudre Irrigation Company Wellington, Colorado
Notes to Financial Statements October 31 , 1993
Note 1 - Summary of Significant Accounting Policies
Operations- The Company provides irrigation water for agriculture uses to approximately 600 shareholders in the Northern Colorado front range. The Company business office and maintenance shop facilities are located in Wellington, Colorado.
Property Assets - Property assets are recorded at cost for assets purchased and fair market value for donated assets. Depreciation is being taken by the straight-line method over the following useful lives.
Item Ute
Ditches and Reservoirs 1 00 years
Buildings and Improvements 10-20 years Radio and Office Equipment 10 years
Machinery and Equipment 10 years
Transportation Equipment 5-10 years
Cash Equivalents - All highly liquid investments purchased with a maturity of three months or less are considered to be cash
equivalents. The Company places its temporary cash investments with high credit quality financial institutions. At times, such cash balances and temporary investments may be in excess of the FDIC insurance limits.
Income Taxes- The Company is incorporated under the laws of the State of Colorado as a Section 501 (c)(5) tax exempt
corporation; therefore, no provision for income taxes has been made.
Stock of Other Companies- Investments in the stock of other irrigation companies is stated at cost.
Note 2 - Note Receivable Detail
Source Current Long-Term Total
Smelker, Gerald & Lela, 10°/o interest, due in monthly payments of $396, principal due in full October 11, 1995,
secured by 1st deed of trust. 4,005 5,321 9,326
INDEPENDENT AUD· ITOR'S REPORT
Note 3 - Note Payable Detail
Source Current Long-Term Total
Colorado Department of Natural Resources (Colorado Water Conservation Board), 50/o interest, payable in 11 annual installments of $19,782 beginning June 15, 1989. Collateralized by the Park Creek Reservoir and
water rights. 14,762 85,647 100,409
Colorado Department of Natural Resources (Colorado Water Conservation Board), 50/o interest, payable in 40 annual installments of $19,847 beginning June 15, 1992. Collateralized by an undivided one half interest in
the No. 2 dam structure. 3,108 331,664 334,772 Colorado Department of Natural
Resources (Colorado Water Conservation Board), 5°/o interest payable in 40 annual installments of $77,612 beginning May 1, 1985. Collateralized by an undivided one half interest in the
Fossil Creek dam structure 17,106 1,193,014 1,210,120 Colorado Department of Natural
Resources (Colorado Water Conservation Board, 50/o interest, payable in 40 annual installments of $67,192 beginning May 1, 1987. Collateralized by an undivided one half interest in the
No. 15 Reservoir dam structure 13,429 1,061,777 1,075,206
INDEPENDENT AUDITOR'S REPORT
Note 3 - Note Payable Detail (Continued)
Source Current Long-Term Total
Colorado Department of Natural Resources (Colorado Water Conservation Board), 50/o interest, payable in 40 annual installments of $23,574 beginning May 1, 1990. Collateralized by an undivided one half interest in the
Clark Lake dam structure. 4,110 385,170 389,280
Colorado Department of Natural Resources (Colorado Water Conservation Board), 201o interest, amount represents advances on a loan to
rehabilitate reservoirs #5 and #6 in the amount of $1 ,800,000, annual payments of $65,800 will commence when project
complete. 55,002 55,002
Total 52,515 3,112,274 3,164,789
The following is a summary of the annual debt service requirements:
Year Principal Interest Total
1994 52,514 155,492 208,006
1995 55,140 152,866 208,006
1996 57,897 150,109 208,006
1997 60,792 147,214 208,006
1998 65,086 142,920 208,006
1999-2031 2,873,360 2,486,410 5,359,770
Totals 3,164,789 3,235,011 6,399,800
Note 4 - Water Allotment Agreement
The Company entered into an agreement December 5, 1945, with the Northern Colorado Water Conservancy District for the annual
purchase of 40,000 acre feet of water, or any such portion that may be delivered, at $1.50 per unit. Payment is due May 1 of every year and is secured by an irrevocable levy of assessment on the capital stock of the Company. Payments shall continue until the delivery system is paid for and thereafter for operating and maintenance charges.
Note 5 - Extraordinary Expense
During the year, the Company settled a lawsuit, Civil Action No.
91-CV-14 by a payment of $50,000.
North Poudre maintenance crew, L to R: Ron Schaefer, Garry Luoma, Mike Wick, Bob Rees, Kevin Waller & Mike Blehm
Installation of security fence at maintenance yard
Repair of #15 chutes
Pipe installation-Inlet to Reservoir #4
Halligan Tour-August, 1993
Signing the Halligan Agreement
