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<br />'- <br /> <br />Memorandum <br />June 7, 1996 <br />Page Two <br /> <br />- <br /> <br />e <br /> <br />four years from the first sale, whichever occurs, then all monies in the escrow <br />account shall be applied to LA WMA's existing Construction Fund loan. <br /> <br />(4) All conveyances of lands sold under this arrangement shall include covenants <br />prohibiting use of X- Y Canal water and of those X- Y Ranch wells purchased <br />by LA WMA and further requiring compliance with any applicable revegetation <br />requirements. <br /> <br />With regard to condition number 4, it should be noted that some X- Y Ranch water will be <br />needed for revegetation and for continuing agricultural operations as described in the <br />following paragraphs. <br /> <br />DESCRlPTION OF COLLATERAL <br /> <br />As reported at the May Board meeting, LA WMA is proposing separate sales of the North <br />Ranch and the South Ranch which were described in our May 6 and May 13 memos. Taken <br />together the two properties total about 4,600 acres. The South Ranch is to be sold at auction <br />and LA WMA is hoping to sell the North Ranch to the Division of Wildlife (DOW). A <br />summary of the lands and water rights associated with the North and South Ranches are <br />shown on Table 1. disaggregated, where possible, to the two areas: <br /> <br />Item North Ranch South Ranch Total <br />Approximate No. of Acres 3300 1,300 4600 <br />Irrigated Acres* 2,398 628 3,026 <br />Surface Rights (cfs) 66 <br />Historic Depletions (acre-teet)- 3,867 1,013 4,880 <br />Water to Remain wI Land (acre-teet)*** 1,475 0 1,475 <br />No. of Wells 13 2 15 <br /> <br />TABLE 1. X-V RANCH SUMMARY <br /> <br />* As of 1985. <br />- Estimate for years 1990-1994. <br />*** To be retained for continuing irrigation. <br /> <br />The X - Y Ditch right has a July 2, 1889 priority which is apparently relatively junior but, <br />because of location, the Ditch could divert on average about 7,500 acre-feet per year for the <br />conditions obtaining in the years 1950 to 1994 according to LA WMA's engineering <br />consultant, Helton & Williamsen. <br /> <br />In addition, the X- Y Ranch purchase includes the entire X- Y and Graham Article II Storage <br />Account in John Martin Reservoir and 15 decreed wells. Helton & Williamsen reported an <br />average annual inflow of 2,046 acre-feet to the X- Y and Graham Article II Account for the <br />years 1990-1994 and 5,542 acre-feet for the years 1980 to 1994.. <br /> <br />With the exception of water needed for revegetation purposes and for continuing agricultural <br />operations by DOW, use of the X - Y Ditch and the 15 Ranch wells will be discontinued and <br />