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<br />LAWMA - Water Rights Purchase <br /> <br />Agenda Item 20b <br /> <br />July 28-29, 2003 <br /> <br />necessary to cover LAWMA's future expenses, including allCWCB loan repayments. Said <br />election shall be held in accordance with the Article 11/ of the LAWMA Bylaws (adopted <br />September 10, 1998 and amended November 8, 2(02), with the exception that the 15% quorum <br />requirement shall be increased to 50%, with approval requiring a 2/3 majority of the outstanding <br />shares of stock represented by shareholders present or by proxy. CWCB shall be provided <br />with the official notice of the special meeting and election, prior to the meeting, and the election <br />results shall be certified by the LAWMA Secretary and presented to CWCB. <br /> <br />3. LA WMA shall obtain necessary commitments from its members to ensure compliance with <br />CRS 37-60-130 (3) (g) and (h), pertaining to the Arkansas River Augmentation Account <br />criteria, requiring that members who fail to make payments in accordance with the loan <br />agreement shall cease pumping, and requiring members to comply with State Engineer rules <br />governing the measurement and use of groundwater in the Arkansas River Basin. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br /> <br />cc:William J. Grasmick, President, and Donald F. Higbee, Secretary, LAWMA <br />David Harrison & Richard Mehren, Moses, Wittemyer, Harrison and Woodruff, P.C. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCS on Julv 29. 2003 <br /> <br />The CWCB approved the Staff Recommendation, with the addition of Condition No.3, listed in italics <br />above. <br /> <br />Page 8 of 9 <br />