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<br />MOSES, WITTEMYER, HARRISON AND WOODRUFF, P. C. <br /> <br />LAW OFFICES <br /> <br />1002 WALNUT STREET, SUITE 300 <br /> <br />DAVID L. HARRISON <br />JAMESR. MONTGOMERY <br />TIMOTHY J. BEATON <br />VERONICA A. SPERLING <br /> <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 />RAPHAEL,J, MOSES <br />,JOHN WITTEMYER <br /> <br />RICHARD J. MEHREN <br />GABRIEL D, CARTER <br /> <br />ADDRESS CORRESPONDENCE TO, <br />P. O. BOX 1440 <br />BOULDER, CO 80306-1440 <br /> <br />SPECIAL COUNSEL <br />HUNTLEY STONE <br /> <br />February 22,2002 <br /> <br />Janis Illian <br />Contract Administrator <br />Colorado vVater Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Re: Loan Contract Nos. C153768 and C153715 - Dissolution of Hi2hland <br />Irrit:ation Company and Manvel Canal and Irrit:ation Company by <br />Lower Arkansas Water Mana::ement Association <br /> <br />Dear Jan: <br /> <br />As you may recall, the Lower Arkansas Water Management Association <br />("LA WMA") owns the Manvel Canal and Irrigation Company ("Manvel") and a majority interest <br />in the Highland Irrigation Company ("Highland") and has had plans to dissolve Manvel and <br />Highland for some time. In accordance with the terms of Loan Contract Nos. C153768 and <br />C153715, LA WMA hereby provides the Colorado Water Conservation Board ("CWCB") with 30 <br />days notice that it intends to dissolve Manvel and Highland. <br /> <br />The Manvel and Highland stockholders are scheduled to vote on the respective <br />proposals to dissolve on Friday, March 8, 2002. We enclose copies of the Manvel and Highland <br />Proposals to Dissolve that the stockholders will consider on March 8 for your review. Assuming <br />the Manvel and Highland proposals to dissolve are properly approved, LA WMA will proceed to file <br />the Articles of Dissolution for Manvel and Highland with the Colorado Secretary of State no less <br />than 30 days from the date of this letter. After Manvel and Highland file their Articles of <br />Dissolution, LA WMA will proceed to carry out the respective proposals to dissolve. <br /> <br />LA WMA fully intends to work closely and cooperatively with the CWCB in carrying <br />out the dissolutions of Manvel and Highland to ensure that the CWCB maintains its security interest <br />in LA WMA's Manvel and Highland water rights currently represented by LA WMA's Manvel and <br />Highland shares. LA WMA will let you know whether the Manvel and Highland stockholders <br />approve the respective proposals to dissolve on March 8, 2002. In the meantime, please give us a <br />call if you have any questions about LA WMA's plans to dissolve Manvel and Highland. <br />