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Table 3 shows the net disbursement of the remaining funds in 1998. The "earnest money" in both tables is a refundable amount to be deposited in escrow in 1997 for the 1998 purchases. Table 3.1998 Loan Request Cost of Shares Less "Earnest Mane " Net 1998 Lendin .\ . ;\':. The first expenditure of funds would be required by April 14 of this year and amounts to $667,403 for the "earnest noney" on the Highland shares. The,dosing on the 1997 purchase of Highland shares would take place on May 30 this year. CONCLUSION This proposal was first brought to the stafrs attention two weeks ago. Consequently we have had very little time to analyze the information received or to formulate a recommendation to the Board. It appears, however, that the major consideration at the present time is the manner in which the Board may wish to proceed with respect to SB 97-008,the Construction Fund bill, and the LA WMA request, We would like to suggest the followingoptioiis both involving an amendment to the bill: 1. An authorization for about $2.23 milliondirectIy from the Construction Fund or, 2. A transfer of $2.0 million to the Arkansas River Augmentation Loan Account to accommodate LA WMA's request and to leave adequate funds in the account to accommodate other requests which are expected this year. The latest estimate of the balance in the Construction Fund is $2,239,481. The balance in the Arkansas Loan Account is $1.5 million which is the total authorized amount. We are expecting one and possibly two requests from entities other than LA WMA for Arkansas Loan Account funds this year. Option number 2, the transfer of additional funds to the Arkansas River Augmentation Loan Account, provides the greatest degree of flexibility and would allow the staff the opportunity to review the final feasibility report and the water rights appraisal, and to evaluate the total impact 3