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<br />\1 <br /> <br />. <br />.. <br /> <br />C wC B '., 'I <br />" If 3 " , ( <br />MOSES, WITTEMYER, HARRISON AND WOODRUFF, P.C. <br /> <br />.-.< <br /> <br />LA W OFFICES <br /> <br />DAVID L. HARRISON <br />JAMES R. MONTGOMERY <br />TIMOTHY J. BEATON <br />VERONICA A. SPERLING <br /> <br />1002 WALNUT STREET, SUITE 300 <br />BOULDER, COLORADO 80302 <br /> <br />CHARLES N. WOODRUFF <br />(1941-1996) <br /> <br />TELEPHONE: (303) 443-8782 <br />FAX: (303) 443-8796 <br /> <br />COUNSEL ' <br />RAPHAELJ. MOSES <br />JOHN WITIEMYER <br /> <br />RICHARD 1. MEHREN <br />GABRIEL D. CARTER <br />BRIAN A. KNUTSEN <br /> <br />ADDRESS CORRESPONDENCE TO: <br />P. O. BOX 1440 <br />BOULDER, CO 80306-1440 <br /> <br />March 15, 2006 <br /> <br />Rod Kuharich, Director <br />C/o Chad Henderson, Contract Manager <br />Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Lower Arkansas Water Manaeement Association - Colorado Water <br />Conservation Board Consent to Aereement for Ownership. <br />Operation. Maintenance and Repair of the Hiehland Canal and for <br />Diversion of the Hiehland Canal Water Riehts dated March 13.2006 <br /> <br />Dear Mr. Kuharich: <br /> <br />This firm represents the Lower Arkansas Water Management Association <br />("LA WMA"). On April 25, 2005 I sent a letter (the "April Letter") (copy attached) to Chad <br />Henderson, the Contract Manager for the Colorado Water Conservation Board ("CWCB"), that <br />described the above-referenced agreement (the "Agreement") (copy attached) LA WMA is <br />proposing to enter into with the two Highland Canal shareholders (the "Remaining <br />Shareholders") that continue to use the canal for delivery of their interests in the Highland Canal <br />water rights. The April Letter also describes how the Agreement relates to LA WMA's 55.95 cfs <br />ownership interest in the Highland Canal water rights and LA WMA's CWCB Loan Contract <br />Nos. C153715, C153768 and C153756 (the "CWCB Loan Contracts"). The Agreement has been <br />signed by all of the parties. However, because the Agreement contractually encumbers a small <br />portion of LA WMA's Highland Canal water rights, it is not effective until the CWCB consents <br />to the Agreement as required by the CWCB Loan Contracts. Accordingly, this letter requests the <br />CWCB's consent to the Agreement. <br /> <br />I understand that in order to obtain the CWCB' s consent to the Agreement, <br />LA WMA must demonstrate that LA WMA' s Highland Canal water rights that are part of the <br />collateral for the CWCB Loan Contracts will not be impaired by the Agreement. As explained in <br />detail in the April Letter, the Agreement is intended to replicate the Highland Canal's historical <br />practice of rotating the delivery of water to its shareholders and would, at times, provide for the <br />rotation and delivery of a small portion of LA WMA's Highland Canal water rights into the <br />