'"''- lot O 2111l.
SCALE MIL
8-6
R.70W 8-5
THE NORTH POUDRE IRRIGATION COMPANY 1985
Ceotua llt.11 Dltall a,.
DIRECTORS
Robert L. Stieben ... Wellington, Colorado Manuel Pineda ... Fort Collins, Colorado Arthur Meyer ... Wellington, Colorado earl J. Judson, Jr. . ... Livermore, Colorado John C. Mattingly ... Fort Collins, Colorado
OFFICERS
Robert L. Stieben ... President Manuel Pineda ... Vice-President Ben Dumler ... Secretary-Manager Vi Proctor ... Treasurer and Assistant Secretary
ORDER OF BUSINESS
According to the By-Laws, the order of business of the stock- holders meeting sha!I 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 cre- dentials committee
3. Registration of proxies with credentials committee ,:. 4. Report of credentials committee
-1 5. Annual report
rl 6. Nomination of directors
r: 7. Opening of polls for election of directors :f 8. Old business
c. 9. New business
(A) Vote on assessment for the year.
IRRIGATION SEASON
The snowpack for the 1985 season was less than normal at the beginning of irrigation season. However the CBT system had ex- cess water available west of the continental divide. The Northern Colorado Water Conservancy District delivered "no-charge" wa- ter to the river system to maintain a free river until June 30. Five acre feet of penalty water and 4 acre feet of seasonal water were appropriated during the 1985 irrigation season. Water deliveries ended September 17, about 1 week earlier than in the past be- cause for the first time in more than 75 years, no sugar beets were grown in northern Colorado.
CAPITAL IMPROVEMENTS PROGRAM
The Colorado Water Conservation Board has approved a loan for the rehabilitation of Reservoir #15. The approval is for 50% of the cost, to be repaid over a period of 40 years plus a 5% service charge. The plans and specifications have been submitted to the State Engineer by Ms. Jackie Malcolm of Bruns Associates for his approval. The rebuilding is scheduled to be done during the sum- mer of 1986.
The Colorado Water Conservation Board has also approv , funding for feasibility studies on ,Ct~~lt,L~ke, :.MQhRes.e™9irul · C.D.S. Engineering has nearly co·mpleted the feasibility study o
(1Clark Lake and if the report is favorable work will proceed to have this renovation done after irrigation season 1987.
Reservoir #2 renovation is the third project approved by resolu· ,
ition at the 1984 stockholder's annual meeting. This feasibilit
{tistudy will be done in the fall of 1986 or spring of 1987. Construe -:
11tion should be completed by 1989.
2
MIS'C!:ttANEOUS ;, ' ''
!(•.' ;
The problem o(acquiring adequate insurance coverage at af- fordable rates has not been solved at this time. The number of companies that will insure irrigation facilities is very limited. The cost of insurance is not known at this time.
Your attendance and participation at the annual meeting is ap- preciated.
Respectfully submitted,
Robert L. Stieben, President
RECOMMENDED BUDGET FOR 1986 Items per Share
$ 8.00 for water assessment 9. 75 for loan retirement 5.00 for insurance
1.50 for right-of-way acquisition
32. 75 for operation, maintenance and weed control 43.00 for reservoir rehabilitation
$100.00
$ 40.00 per share due and payable April 1, 1986, interest at 1 ½% per month charged after May 1 , 1986.
$ 60.00 per share due and payable October 1, 1986, interest at 1 ½% per month charged after November 1, 1986.
Accounts past due over 1 year will be charged 25% interest.
Total amount owed must be paid prior to water delivery.
Total assessments of $100.00 per share are due April 1, 1986, on
two shares or less.
ANNUAL PRECIPITATION IN INCHES
Vear Wellington Cactus Hill Bucke~~ :;Livermore ·
1950 13.89 8.08 9.39
1951 21.59 15.83 ·15.02
: ; t 1 ~ ; , ~1952 11.87 14.01 8:02·
1953 12.10 7.79 13.11
1954 8.30 7.10 7.90
1955 12.84 13.48 10.20
1956 15.84 9.44 13.41
1957 19.48 12.90 16.67
1958 17.99 15.70 14.21
1959 14.58 12.61 12.61
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
Source of Water Acre Feet Percentage Storage to January 1, 1985 31,185 35.45
Storage to April 1, 1985 3,082 3.50
I Storage after April 1, 1985 8,219 9.34
42.486 48.29
Direct Flow 17,478 19.87
C.B.T. (Horsetooth) 28,000 31.84
87,964 100.00
Distribution
North Poudre Stockholders 43,057 48.95
Fossil Creek Stockholders 3,420 3.89
Carry Over 29,912 34.00
Rental (Fossil Creek) 2,104 2.39
Loss in storage and distribution 9,471 10.77
87,964 100.00
Acre Feet
Dividends per Share
April 2, 1985 2.0
April 22, 1985 .5
May 1, 1985 1.0
r,1 May 8, 1985 1.0
i.:1
May 17, 1985 .5
,i\f
May 30, 1985 1.0
I_ I~-'
June 5, 1985 2.0
t ::
June 17, 1985 1.0
- 9.0
In the first four months of 1985, necessary preparations were made to facilitate water delivery. In April some river water was available, so water was transferred to the lower reservoirs, and water delivery became available in some of the ditches by April 15, and in all the ditches a few days later.
On May 5th President Robert Stieben suffered a heart attack, requiring hospitalization for a short time.
On May 31, Bill Stewart, the caretaker at Fossil Creek Reser- voir, was hospitalized, and passed away the following morning.
He fought a tough battle with leukemia. He was a faithful em- ployee for fifteen years-a man not easily replaced.
I visited the North Fork watershed with the river commissioner, John Neutze, early in spring and we found the snow-pack quite thin.
On June 4th, Fossil Creek Reservoir was full to the spillway.
In the latter part of June the Northern Colorado Water Conser- ~, vancy District realized they had an abundance of water on the western slope of Colorado, therefore, they released water (un- ,,
1charged) to whoever needed it; or in other words, a free river. This ended the morning of June 30. This, plus several rains, helped our water situation considerably.
In the early portion of July, Ron Schaefer, North Poudre fore- man, alerted me to a potential problem on ihe Waverly'M'airi, ap- proximately 1/4 mile west of County Road #17. This portion of the Main Canal was constructed on shale. After all these years, the shale deteriorated considerably, allowing water to penetrate through it, to the point where emergency measures become nec- essary. We rerouted the canal, and by-passed the danger area.
On July 15, approximately 2:30 A.M., I received a telephone call
from Harlan Seaworth. He told me that "someone" had problems
coming through the Owl Canyon area on County Road #70, be-
cause of an excessive amount of rain water. I called two of our
men to check one portion of the main canal, while I checked an-
other. Then we had D. J. Hall, the rider on the extreme west end,
shut the river gates on the Munroe Canal. The main canal was so full it topped the bank. This was about 1 /2 mile west of County Road #19. We didn't lose all the canal bank, however we lost the diversion structure further downstream in the #1 lateral. This was replaced in October.
After irrigation season we had to empty Park Creek Reservoir to provide inspection by the State Engineer. We also re-built a por- tion of the riprap at that time.
During the high river in spring and early summer of 1983 and 1984, much gravel was washed down the river bed and was de- posited in the area just below our Fossil Creek diversion, which is located north of the Fort Collins #2 Disposal Plant. This aforemen- tioned gravel created quite an obstruction for the river in the spring of 1985, and the water backed up to a point above our diversion. It became great enough that the river topped its bank on the north side below the diversion, washed it out and created a new channel for about a mile before rejoining the old riverbed.
The gravel washed out below the structure to such an extent that
~· 1
the water undermined the structure. This will be repaired as soon as the weather permits concrete work. ·
As usual, ditch, headgate, and structure repairs must be taken care of i,n the non-irrigation season.
Th~ ;water, _outlook for North Poudre in 1986 looks very good.
Ben Dumler, Manager
• ; ~ !
' l:.: '
,,
Assmt. Ac.Ft. Cost 5 Yr. Av.
per per per per Ac.Ft.
Year Share Share Ac.Ft. Cost Interest
1909
$5.00 $22,029.05
1910 5.00 26,533.46
1911 4.00 21,351.13
1912 5.00 3.09 1.61 21,137.50
1913 6.00 2.87 2.09 26,683.07
1914 7.00 3.44 2.03 35,698.51
1915 7.00 3.09 2.26 2.00 39,715.38
1916 7.00 2.29 3.05 37,843.74
1917 7.00 3.15 2.22 33,341.79
1918 7.00 2.41 2.90 39,510.20
1919 8.00 1.14 7.01 38,383.15
1920 11.00 2.98 3.69 3.77 37,483.88
1921 8.00 3.74 2.13 36,672.49
1922 6.50 1.83 3.55 37,269.08
1923 6.50 4.31 1.50 38,713.11
1924 9.50 4.59 2.07 42,899.56
1925 12.00 2.52 4.76 2.80 42,232.10
1926 5.00 4.63 1.08 40,525.92)
1927 8.00 3.92 2.04 41,175.17
1928 8.50 4.59 1.85 37,054.95)
1929 8.25 4.43 1.86 33,242.45 ·
1930 8.25 3,09 2.66 1.90 31,879.06
1931 7.50 2.60 2.88 30,510.11
1932 7.00 1.37 5.10 29,314.38
1933 4.50 2.87 1.56 28,702.10
1934 5.00 1.37 3.64 28,773.75
1935 4.25 3.16 1.34 2.90 28,716.25
1936 6.00 2.07 2.89 28,863.61
1937 5.75 1.22 4.77 23,692.80
1938 6.75 3.21 2.10 23,626.89
1939 7.75 2.61 2.98 25,655.98
1940 7.25 .75 9.60 4.47 21,808.42
1941 4.00 2.00 2,00 19,102.96
1942 6.25 3.90 1 .. 60 18,030.56
1943 8.00 4.19 1.90 17,423.15
1944 7.25 3.07 2.35 16,208.69
1945 7.25 2.10 3.45 2.26 14,149.96
1946 7.25 2.00 3.64 ·12,668.32
1947 9.00 3.30 2.72 ·11,266.32
1948 13.00 2.16 6.10 11,420.83
1949 12.00 3.00 4.00 8,956.62
1950 12.00 1.80 6.66 4.63 8,735.23
·O
NORTH POUDRE IRRIGATION CO.
Assmt. Ac.Ft. Cost 5 Yr. Av.
per per per per Ac.Ft.
Year Share Share Ac.Ft. Cost Interest
1951 12.00 2.62 4.58 6,457.13
1952 12.00 3.20 3.75 5,077.05
1953 14.40 4.51 3.21 . 4,366.54
1954 18.60 3.40 5.47 2,860.71
1955 18.00 3.20 5.62 4.53 1,950.61
1956 16.00 3.40 4.71 1,564.16
1957 9.00 6.50 1.39 116.10
1958 15.00 6.00 2.50
1959 14.50 5.80 2.50
1960 14.50 5.30 2.73 2.77
1961 14.50 6.00 2.42
1962 14.50 7.00 2.07
1963 14.50 5.50 2.64
1964 15.00 5.30 2.83
1965 16.00 5.00 3.20 2.63 96.66
1966 16.50 5.00 3.30 172.51
1967 17.00 4.50 3.50 216.81
1968 20.00 6.30 3.17 120.81
1969 20.00 5.50 3.64 1,164.37
1970 20.00 7.00 2.86 3.29 273.78
1971 20.00 8.00 2.50
1972 21.00 5.00 4.20 2,667.00
1973 21.00 6.00 3.50 2,877.00
1974 22.00 7.00 3.14
1975 26.00 7.00 3.71 3.33
1976 35.00 6.00 5.83 5,262.00
1977 45.00 4.80 9.38 8,267.00
1978 45.00 6.35 7.08 8,161.00
1979 45.00 6.70 6.71 13,852.00
, 1980 55.00 4.7 11.70 8.14 21,917.00
1981 80.00 6.75 11.85 12,057.00
1982 80.00 6.50 12.31 18,676.00
'1983 100.00
10.5
9.52 25,097.001984 100.00 15.0 6.67 14,333.84
1985 100.00 9.0 11.11 10.29 9,157.20
Total Interest Paid $1,335,763.01 Principal indebtedness 1936-$610,000.00
TotaJ principal indebtedness paid off December 6, 1956
HILL, HILL & MANGES, P.C.
Attorneys at Law A Professional Corporation Fort Collins, Colorado 80522
December 30, 1985
We have appreciated the opportunity to represent The North Poudre Irrigation Company over the past 18 years.
The following is our report of activities with which we assisted the Board in 1985. Carl Judson and John Mattingly began their terms as new directors.
The problem of astronomical increases in liability insurance costs and the difficulty in getting coverage for irrigation compa- nies is a major problem. Indications are that for North Poudre to continue the same liability coverage it now has, there may be an increase in premiums between 50 and 1,000 percent How can one budget for such uncertainty? No specific costs will be availa- ble until the first part of 1986, as insurance companies negotiate their reinsurance treaties at the end of the year.
North Poudre regularly receives county notices with regard to land use changes in the areas of its ditches and reservoirs. Two gravel pits may go in near the Fossil Creek outlet ditch, The State Highway Department is considering excavating material from Rid- dell property located north of the Fossil Creek spillway. Occa- sional subdividing of land continues and the county land use poli- · cies seem more relaxed than in prior years. We have appeared when proposed land uses might adversely affect North Poudre's property rights.
We spent time working with the Colorado legislature and the
Colorado Water Conservation Board to get funding for the rehabil-
itation of Reservoir No. 2, Reservoir No. 15 and Clark Lake. How-
ever, engineering feasibility studies must be completed for Reser-
voir No. 2 and Clark Lake before North Poudre will finally know if
assistance is available. Engineering agreements were reviewed in
connection with the anticipated renovation of Reservoir No. 1'5
and the feasibility study on Clark Lake. The repair of No. 15 is ready to advertise for bids.
Sewage effluent is being discharged without North Poudre's approval into Fossil Creek Reservoir from Mountain Range Shadows subdivision located to the south. North Poudre may take action to challenge the legality of this action.
A possible long term lease of some water from Fossil Creek Reservoir is being explored as a source of additional revenue and to make maximum use of water which North Poudre is able to deliver from that source.
North Poudre's old shop building on Cleveland Avenue was sold to Smelker's Auction and North Poudre is in the process of acquiring a replacement site northwest of Wellington.
The renewal of recreational leases has been on a yearly basis.
This yearly renewal was to allow North Poudre an opportunity to make yearly increases when that was possible or to end problems with a lessee without a long or costly delay. Present thoughts are toward longer commitments to the lessees to give some certainty of renewal and the knowledge the lessee will benefit from im- provements made. Perhaps this will also result in more income to North Poudre.
Stock transfers are a regular source of problems and expense.
Many transfers are frequently submitted without the proper paper- work to enable North Poudre to complete the transfers and we advise as to what must be required.
An occasional oil and gas lease has been presented to us for review, so some activity continues in the Wellington field.
As calendar year 1985 ends, North Poudre and. Halligan Re- sources, Co. are making a joint water rights filing for a conditional
·decree for a Halligan Reservoir enlargement.
There is no end to the different legal problems which confront ,,North Poudre and ,ts operations. After working in the legal area
·•
least 295 hours of time on North Poudre matters compared with 227 hours in calendar year 1984.
As you know too well, the past year has brought drastic finan- cial problems to many ranchers and farmers. I wish that the worst was over but I don't believe that is so. The year ahead will be a difficult one for stockholders and directors.
Alden T. Hill Alden V Hill
Richard B. Manges
Attorneys at Law
November 19, 1985
Board of Directors
North Poudre Irrigation Company Wellington, Colorado
We have examined the balance sheet of North Poudre Irriga- tion Company as of October 31, 1985 and 1984, and the related statements of operations and changes in financial position for the years then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing pro- cedures as we considered necessary in the circumstances.
In our opinion, the accompanying balance sheet presents fairly the financial position of North Poudre Irrigation Company at Octo- ber 31, 1985 and 1984, and the results of operations and changes in financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
Respectfully submitted,
~ , /(),ah;,r l f ""-1~
Brock, Watkins and Schommer Certified Public Accountants
MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
· !
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Balance Sheet October 31, 1985 and 1984
ASSETS
1985 Current Assets
Cash in the Bank 47,018
Investments (Note 1) 390,496
Assessments Receivable 89,323
Accounts Receivable-Other 110,615
Accrued Interest Receivable 9,364
Notes Receivable (Note 2) 1,328
Prepaid Expense _ 6,897
Total Current Assets
544,426
Property Assets
(Note 1)
Land 251,518
Construction in Progress 144,907
Priorities, Water Rights and Easements 672,935
Ditches and Reservoirs 6,907,475
Buildings and Improvements 29,209
Radio and Office Equipment 36,896
Machinery and Equipment 156,961
Transportation Equipment 50,680
Total
8,250,581
Less: Accumulated Depreciation (1,849,978)
Total Property Assets
6,400,603
Other Assets
Stock of Other Companies (Note 1) 17,941
Notes Receivable (Note 2) 33,567
Total Other Assets
51,508
Total Assets
6,996,537
1984
17,866
3,522 81,554
880 3,911 218,348 248,793 672,935 6,906,977 36,364 33,722 152,538 56,108 8,107,437 (1,777,135)
6,330,302
17,941 17,941 6,566,591 The accompanying notes are an integral part of these financial statements.
Exhibit
A
LIAB1L'1IES
1985 1984
Current Liabilities
Notes Payable (Note 3) 42,403 150,746
Accounts Payable-Trade 40,724 23,864
Accounts Payable-Water Purchase (Note 5) 60,000 60,000
Accrued Interest 33,467 8,830
Accrued Payroll Taxes 342 302
Accrued Wages 8,351 6,702
Total Current Liabilities
185,287 250,444Long-Term Liabilities
(Note 3)Notes Payable 2,017,634 2,062,004
Total Liabilities
2,202,921 2,312,448STOCKHOLDERS' EQUITY
Paid In Capital
Common Stock (10,000 Shares Authorized,
$50 Par Value, 10,000 Shares Issued,
9,926 Outstanding) 500,000 500,000
Additional Paid In Capital 3,450 3,450
Total Paid In Capital
503,450 503,450Retained Earnings
Beginning Balance 4,016,466 3,581,988
Net Income Per Statement of Operations
(Exhibit B) 539,473 434,478
Ending Balance
4,555,939 4,016,466Total Paid In Capital and Retained Earnings
5,059,389 4,519,916 Less: 74 Treasury Shares at Cost (265,773) (265,773)Total Stockholders' Equity
4,793,616 4,254,143Total Liabilities and Stockholders' Equity
6,996,537 6,566,591Exhibit A
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Operations
For The Years Ended October 31, 1985 and 1984
1985 1984
Operating Revenues
AssessmentsLeases-Boating, Pasture, Etc. (Note 4) Stock Transfer Fees
Easements and Miscellaneous Reimbursements'
Total Operating Revenue Operating Expense
Repairs and Maintenance, Buildings, Ditches, Reservoirs and Equipment Machine Hire
Gas and Oil Weed Control
Water Purchased and Assessments Engineering Fees
Salaries and Wages Payroll Taxes
Ditch Riders Expense Insurance
Office and Other Expense Vehicle and Other Taxes Directors Fees and Expense Utilities and Telephone Mileage
Legal Fees Accounting Fees Employee Benefits Depreciation
Total Operating Expense
Income From Operations
Exhibit B
18
993,446 44,122 5,080 83,314 11,208 1,137,170
75,777 4,740 13,414 9,151 75,071 12,593 188,853 18,383 11,782 32,445 12,495 1,795 12,586 11,499 6,355 23,632 2,200 14,126 83,376
610,273
526,897
993,446 30,600 4,280 37,321 4,400 1,070,047
107,846 1,575 21,514 26,033 95,878 36,189 199,417 17,524
10,107
22,446 7,089 2,802 7,505 12,395 6,226 16,791 2,200 19,126 60,232672,895
397,152
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Operations
For The Years Ended October 31, 1985 and 1984 (concluded)
1985 1984
Other Income
interest Income
20,902 24,646Oil and Gas Royalties
53,289 19,975Gain on Sale of Assets
40,595Total Other Income
114,786 44,621Other Expense-Interest
(102,210) (7,295)Net Income (Exhibit A)
539,473 434,478The accompanying notes are an integral part of these financial statements.
Exhibit B
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Statement of Changes In Financial Position For The Years Ended October 31, 1985 and 1984
FINANCIAL RESOURCES WERE PROVIDED BY Net Income Per Statement of Operations
(Exhibit B)
Add-Expense Not Requiring Outlay of Working Capital in the Current Period Depreciation Resources Provided by Operations
Net Increase in Long-Term Debt Net Decrease in Other Assets
Net Decrease in Working Capital-Below Book Value of Equipment Sold
Total Financial Resources Provided
FINANCIAL RESOURCES WERE APPLIED TO Net Decrease in Long-Term Debt
Purchase of Additional Property Assets Net Increase in Other Assets
Net Increase in Working Capital-Below Total Financial Resources Applied
1985 1984
539,473
83,376 622,849
2,051 624,900
44,370 155,728 33,567 391,235 624,900
434,478
60,232 494,710 819,489 10,880 400,154 1,725,233
1,725,233
1,725,233
Statement of Changes in Components of Working Capital Increase (Decrease) Cash
Assessments Receivable Accrued Interest Receivable Notes Receivable
Accounts Receivable-Other Prepaid Expenses
Notes Payable Accounts Payable Accrued Expense
Net Increase (Decrease) in Working Capital
416, 126 (634,245) 7,769 (8,885) 9,364 (778)
448 2
(110,615) 110,615 2,986 (1,273) 108,343 (109,766) (16,860) 233,486 (26,326) 10,690 391,235 (400,154)
The accompanying notes are an integral part of these financial statements"
Exhibit C
NORTH POUDRE IRRIGATION COMPANY Wellington, Colorado
Notes to Financial Statements October 31, 1985
Note i - Significant Accounting Policies:
Property Assets - Property assets are recorded at cost Deprecia- tion is being taken by the straight-line method over the following use- ful lives.
Item Ditches and Reservoirs Buildings and Improvements Radio and Office Equipment Machinery and Equipment Transportation Equipment
Life 100 years
20 years 10 years 10 years 4-5 years
Investments - Investments consist of Certificates of Deposit and Money Market Account stated at cost.
Income Taxes - The compe.ny is i 4Corporated under the laws of the State of Colorado as a tax 3xemp
tcorporation; therefore, no provi- sion for income taxes has been made.
Stock of Other Companies - Investments in the stock of other irriga- tion companies is stated at cost.
Note 2 -
Note Receivable Detail:
Source
Smelker, Gerald
&Lela, 10% interest, due in monthly payments of
$396,principal due in full October 11,
1995,secured by 1st deed of trust.
Current Long-Term
1,328 33,567
Note 3 -
Note Payable Detail:Source Current Long-Term
U.S. Department of Interior, 3.25%
interest on excess acres, principal calculated annually, due in annual payments of $19,900 plus interest until paid in full. Collateralized b~· company
property. 19,900
696,035Colorado Department of Natural
Resources (Colorado Water Conservation Board), 5% 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. 11,578
1,309,099First National Bank of Fort Collins, 8.0%
interest, due in annual payments of
$11,624 through 6/1/86. Collateralized by
a Case excavator. 10,925
Colorado Department of Natural
Resources (Colorado Water Conservation Board), 5% interest, payable in 10 annual installments of $1,619 beginning January 1 · of the year that construction
of the project is completed.
12,500Total 42,403 2,017,634
Note 4 - Lease Income
Lease income is derived from the lease of reservoirs and land to vari- ous organizations for recreational and agricultural uses. All leases are for one year with the exception of the following:
1) North Fork Recreation Association, lease of Halligan Reservoir through 6/15/87 at $5,000 per year. for the first 3 years, final 2 years compensation to be negotiated.
2) State of Colorado, lease of #3, #4 and Smith Lake through 3/31/87, at $3,000 per year, with option to renew for an additional 5 years.
3) Luther Harris, lease of Fossil Creek Reservoir through 11/15/87, at $14, 150 per year.
Note 5 - Water Allotment Agreement
The company entered into an agreement December 5, 1945 with the
Northern Colorado Water Conservancy District tor the annual pur-
chase 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.
Ernest irrigating with North Poudre water in 1941.
IN MEMORIAM
ERNEST D. NELSON In 1985 North Poudre lost a long-time booster and former Board member with the death of Ernest D. Nelson. He was 92 years old at the date of his death. Mr.
Nelson served on the Board from 1966 to 1971 . He farmed and fed sheep in this area and farmed Cactus Hill Ranch Company.
I .
Weed chopping-Fossil Creek Reservoir.
Portion of old canal still visible at Park Creek Reservoir .
=-.· . I
• • 1~ · _,_,.,F,
Park Creek Reservoir dam showing benching action of riprap.
j,,, •.
. • r.·1
. ''t
\'.1,..,i',/\·-:!u ,L
Fos~if: O~el? ~ tu. lf ifEJs~ir in t~e spring of 1985.
P(_~
·U :
i/~.:> ·;11!,, }'·"l-;<._o,; : : ht·,· '-_, :._r.·1:!·t;-:f\ t.f !-vy:uc':; __ ·l JF; · ·'11 .·'-1 ·,t ~·':'/:-,
;'>'t ~ ,7 /·~, 't ... .): , • • ·d,·:;,~,i~1i (• ,~~· ~ i J? . . l
r l i" _' ~. : ~ • j ' / ( j } .' ... , J ~ ) i, ; t £ ~ _ ~ ".:: : ! ' .. ~ : ! ~ t ~ t '~ 1
