Each share of stock is subject to an annual assessment, which is based on whether shares are active household, inactive household or livestock. Active household shares are designated with a physical well in the ground and inactive shares do not have a physical well. Livestock shares are not considered active or inactive and have the same assessment amount whether or not livestock is currently being watered. Annual assessment amounts are approved by the shareholders each year at the Annual Meeting.
All fees and assessments collected go toward payment of expenses incurred by the company in administering the water augmentation plans. Officers and Directors volunteer their time and do not receive any compensation.
Household use only shares cover one dwelling. SMMWC does not allow outdoor watering for gardens, washing cars, etc. Watering of livestock including chickens or other small animals requires a livestock share. Dogs, cats, and other indoor pets are covered by a household only share.
SMMWC has limited numbers of livestock shares available. Each half share covers one horse equivalent. Chickens and other small livestock also require a livestock share.
Active assessments are for wells drilled and in the ground.
For water shares which do NOT have an active well drilled.
Any stock certificate transferred from one person to another is subject to the transfer fee. A stock certificate is not valid if the name on the certificate doesn't match the owner of the share. The shares must be transferred on the books of the company in order to be valid.
We allow exchanges from livestock to household and vice versa only if livestock shares are available and only if the household share is not assigned to a well that is in the ground on another lot.
*penalties and interest will apply to any unpaid balances