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<br />. <br /> <br />e <br /> <br />e <br /> <br />217 <br /> <br />Table 4. Estimated LA WMA Annual Expenditures <br />Lending LA WMA Total Annual Cost Per <br />Rate % Exoenditures Year 2009 Acre-Foot (I) <br />2.00 $446.655 $5.25 <br />3.00 $470.585 $5.54 <br />3.75 $472,785 $5.56 <br />(1) Based on 85,000 acre feet of annual pumping <br /> <br />In summary, the stafffinds the proposal by LAWMA to purchase the Highland and Fort Bent <br />shares to be technically, economically, and financially feasible, based upon the infonnation which <br />has been provided to date, and that the proposal appears to meet the criteria for the Arkansas <br />River Loan Account as set forth in C.R.S. 37-160-130(3). <br /> <br />PREVIOUS BOARD ACTION <br /> <br />At the March meeting, the Board: <br /> <br />1. Recommended to the General Assembly an amendment to SB 97-008 for a transfer <br />from the moneys available in the Construction Fund to the Arkansas River Augmentation <br />Loan Account of the Construction Fund in the amount of $2,000,000. That <br />recommendation is now included in the bill which is awaiting the Governor's signature, <br /> <br />2. Authorized that funds be released from the escrow account in an amount <br />sufficient to meet LAWMA's April 14, 1997 "earnest money" requirement (up to <br />$700,000) for the Highland Irrigation Company shares upon the condition that the CWCB <br />maintain its security interest in the released funds and, if the Highland shares <br />purchase does not close for any reason, that the funds will be fully refunded to the escrow <br />account. Somewhat more than $600,000 has been released under this authorization by the <br />Board. <br /> <br />RECOMMENDATION <br /> <br />The staff recoinmends that the Board approve the release of all funds in the escrow account <br />established by LAWMA from the sale of the X- Y Ranch lands to LAWMA for the specific <br />purpose of purchasing shares in the Highland Irrigation Company on or about May 30, 1997. <br />Staff further recommends a loan from the Arkansas River Augmentation Loan Account to <br />LA WMA in an amount not to exceed $2,300,000 for the purpose of acquiring shares in the <br />Highland Irrigation Company and in the Fort Bent Ditch Company as described in this <br />memorandum. <br /> <br />6 <br />