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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 />However, the effect of adding one-half of the Keesee water rights on the firm yield <br />of LA WMA' s water rights portfolio can best be seen by comparing the minimum "Rule 14 <br />replacement requirement" that was augmented with LA WMA' s replacement water sources with and <br />without one-half of the Keesee water rights in columns 3 and 7 of Table 4. The Rule 14 replacement <br />requirements set forth in these operational studies are determined principally by LA WMA's annual <br />allocations of replacement water and, therefore, are the best indicator of the yield of LA WMA' s <br />overall water supply. <br /> <br />Without one-half ofthe Keesee water rights, the minimum replacement requirement <br />was 6,151 acre-feet in 1976 which is equivalent to a firm yield of.33 acre-feet of replacement water <br />per share. With one-half of the Keesee water rights, the minimum replacement requirement was <br />8,038 acre-feet, also in 1976, foran increase of 1,887 acre-feet which is equivalent to a firm yield of <br />.44 acre-feet of replacement water per share. Without one-half of the Keesee water rights the <br />average replacement requirement was 15,923 acre-feet which is equivalent to an average yield of .86 <br />acre-feet of replacement water per share. With one-half of the Keesee water rights the average <br />replacement requirement was 16,680 acre-feet which is equivalent to an average yield of .90 acre-feet <br />of replacement water per share. That translates into a firm share yield increase with one-half of the <br />Keesee water rights in LA WMA' s portfolio of replacement water sources of approximately 30.7% <br />and an average share yield increase of approximately 4.7%. This information is summarized in the <br />table below. <br /> <br />LA WMA SHARE YIELDS BASED ON RULE 14 REPLACEMENT <br />REOUlREMENTS AUGMENTED WITH LA WMA'S <br />REPLACEMENT WATER SOURCES <br /> <br />YEAR WITHOUT ONE-HALF OF WIm ONE-HALF OF PERCENTAGE <br /> KEESEE WATER RIGHTS KEESEE WATER INCREASE <br /> RIGHTS <br />Average .86 acre-feet .90 acre-feet 4.7% <br />Firm .33 acre-feet .44 acre-feet 30.7% <br /> <br />G. Use of the Keesee Water Rights by LA WMA in 2003 and 2004. <br /> <br />Under the agreement for LA WMA' s purchase of one-half of the Keesee water rights, <br />LA WMA obtained the right to use all of the Keesee water rights and Article II Account water during <br />the 2003 irrigation season. Accordingly, since April 2003, LA WMA has been using the direct flow <br />Keesee water rights in its Arkansas River Use Rules replacement plan by storing those rights in the <br />Offset Account in John Martin Reservoir. That use has allowed LA WMA to payback its deficit and <br />make a small allocation of replacement water to its members in 2003. Additionally, if LA WMA <br />closes on the purchase of one-half of the Keesee water rights it will obtain the right to use the half <br />of the Keesee water rights it did not purchase during the 2004 irrigation season. Such use would <br /> <br />10 <br />