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PROJC01741 (3)
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PROJC01741 (3)
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Last modified
5/8/2015 2:46:25 PM
Creation date
3/1/2007 9:11:32 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153768
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Bent
Prowers
Bill Number
SB 96-124
Loan Projects - Doc Type
Feasibility Study
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<br />I <br />'I <br />'I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Mr. William E. Green <br />March 1 1, 1997 <br />Page 4 <br /> <br />LAWMA's existing members have signed commitments that they will cease pumping <br />if they fail to pay their dues, and will comply with measurement and pumping rules adopted <br />by the State Engineer. New members are required to make these commitments, and an <br />example form is included herewith as an attachment. <br /> <br />Financial Analvsis <br /> <br />The cost of LAWMA's acquisition of the Highland shares will be $3,163,650, or $887 <br />per share. A total of $3,033,650 will be used to purchase the shares and $ 130,000 will be <br />used to retire the debt of the Highland ,Irrigation Company. At this cost, the Highland water <br />will cost approximately $682 per acre-foot of average consumptive use. The cost of the Fort <br />Bent shares will be $177,000 or $500 per share, which equates to $676 per aCTe-foot of <br />average consumptive use. My understanding is that the going rate for Fort Bent shares is <br />$ 500 per share as established in a recent transaction by Bell Farms. <br /> <br />To buy these Highland and Fort Bent shares and pay the Highland Company's debt, <br />LAWMA needs to borrow approximately $2,240,650. The remaining amount of <br />approximately $1.1 million would come from the proceeds of the sale of the X- Y Ranch land <br />in escrow. This $1.1 million is part of the original $3,714,886.30 loan, so it won't produce <br />additional debt service. Of the total $2,240,650 needed, LAWMA would only need <br />$1,326,700 in 1997. The remaining $913,950 would be needed in June of 1998, when the <br />867 Highland shares from the shareholders interested in selling in 1998 and the 354 Fort <br />Bent shares would close. LA WMA will be asking the CWeB to request the additional funding <br />for the 1 998 closings as part of the 1 998 construction bill. <br /> <br />LA WMA' s 1 997 dues have been figured using the following schedule: <br /> <br />Type A, irrigation - $275 per well plus $6.50 per acre-foot of stream depletion <br />Type B, irrigation - $375 per well plus $6.50 per acre-foot of stream depletion <br />Type C, commercial - $275 per well <br />Type M, municipal - $275 per well <br /> <br />The Type 8 classification applies to relatively new members who have not yet paid their back <br />dues. Once a Type 8 member has paid his or her back dues, he or she becomes a Type A <br />member. The "per acre-foot of stream depletion" charges for Type A and B members were <br />applied to the estimates for average pumping during 1991-95. <br /> <br />This dues schedule will generate approximately $360,000 of income to LAWMA. <br />Approximately $37,000 of this total will be generated by the municipal and commercial and <br />post-1985 users' wells; the remaining $323,000 will be generated by the inigation wells. <br />Totals of $308,000 and $15,000 will be generated by the mainstem and tributary inigation <br />wells, respectively. The mainstem inigation pumping used in figuring this income was <br />approximately 76,000 acre-feet. As previously indicated, LAWMA's mainstem inigation <br />pumping should average 65,000 to 70,000 acre-feet annually and the tributary pumping <br />should remain about the same. Assuming LAWMA's mainstem irrigation pumping averages <br />67,500 acre-feet annually and tributary inigation pumping remains the same, LAWMA's <br />present rate schedule would generate approximately $289,000 from both types of inigation <br />
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