Only 808.1 shares were present in person and by proxy at the annual meeting of shareholders called for May 20, 2026, not even close to the 1,253.4 shares needed for a quorum. So, there was no official meeting, election of Directors, or other votes, but the gathering did become a valuable informational session. All Directors and GM Gil Borboa introduced themselves, and all Staff were introduced. President Steven Muro and others reported on pending projects.
Well #7. The cost of this new well and rehabilitation of the existing treatment plant near Reservoir #3 will be $10-12 million. Crestview has applied to a State Agency for a $2.5 million planning loan for 30 years at 1.9% interest. Indications are that if Crestview gets that loan, it will be eligible for a construction loan on approximately the same terms. An $11 million loan at 1.9% would require payments of $481,323 per year ($40,110 per month) to retire it in 30 years, which would add 25 percent to the FY2026 cash expenditure budget. The earliest Well #7 could be online would be two years from now.
Calleguas Contract. Discussions are continuing from time to time with Calleguas Municipal Water District about revising the agreement by which Calleguas funded the purchase of land and other costs for the now-abandoned Well #8. Calleguas is still interested in financially supporting some of Crestview’s infrastructure projects, perhaps including Well #7 and/or upgraded treatment systems, in exchange for Crestview’s agreement to supply groundwater to Calleguas in the event a disaster interrupts Calleguas’s access to water from northern California. However, Calleguas may be reconsidering its options for emergency supplies in light of some pending regulatory changes. This seems to be slowing the negotiations, which remain cordial.
Emergency Generator. Crestview plans to acquire this year one portable diesel generator that could be placed at either Well #4 or Booster 2 using quick-connect devices that have been installed at both locations. Specs are being developed by GM Borboa and Director Frank Mezzatesta, who is an electrical engineesr. A non-profit cooperative buying service will handle the competitive bidding process.
Well #4. There will be a proposal to the Board on May 26 to hire Richard C. Slade & Associates to review all the available data on Well #4 and prepare a report that addresses its remaining useful life and options for rehabilitating or replacing it when the time comes. UPDATE: Engaging RCS&A for a cost not to exceed $15,000 was approved by the Board at its May 26 meeting.
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