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<br />" <br />t <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State ~r~l Bcilding <br />i313 Sheonan Street <br />Denver. Colorado '80203 <br />PhOne (303) 866-3441 <br />FAX (303) 8664474 <br /> <br />C(8'37L5 <br />STATE JF' COLORADO <br />. <br /> <br />'" <br /> <br />BEST COpy <br /> <br />~ Romer . <br />Govemor <br /> <br />MEMORANDUM <br /> <br />.Tames S.lh-bbe'<ld <br />Exccmive DiIcaor, DNR <br />Daries C.lile. P ..E. <br />DiIeaor. CWCB <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />. Bill. ~eenand .Jan Illian rp, G- . ~ <br />. -(~,.r-' ~ <br />~,... <br />May 6, 1996 '., ",. <br /> <br />, ';.! " ~ <br /> <br />Agenda Ife~ 12.b., May 13-14, 1996 Board Meeting, Arkansas River Basin <br />Issues, Lower Arkansas Water Management Association (LA\VMA)- <br />Request for Substitution of Collateral on Construction Fund Loan . <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br /> <br />., :. <br /> <br />BACKGROUND' . <br /> <br />:. :~Y';:; D(j::.f > -~j:::...:. .' _ ~:'~' ." ~ "./J:' .F: ~,.!. ,; i} ... ':~.~,.' -,:":'~:'j-~';..-' _~_ <br />In Janwu-y of'tJJis year, the Board recommended up to $3,750,000 in Construction Fund <br />finiuicing 1o;;~e '11ower.\]\rkansa~:Water Ma'nagement'Ass6ciati():p.~AWM.M J~QI:}tl;1e\purchase <br />oflati.dilnd~Watet rjghtS'to ibebSedfbyLAWMA' tin an)augm~n.ta#9Jl?pr9~~;~oJ!9ffse~ <br />depletions by pumping from member wells in the Arkansas Basin. Thefundip.g)}V~,. <br />authorized by the General Assembly in SB 96-124 which was signed by the Governor in <br />March.: '';'':':'.' ;, ,.' 'i';' ....,' .. '.,},: .'.1 :L:~.:,' :7t;T n; ....... ,.. <br /> <br />To date, LA W1vfA has borrowed slightly more than $3.0 million from the C<;>nstruction Fund <br />for tliep~ .of the X- Y Ranch .landsand water ?rightsas ipropQse<l in .the Association's <br />feasibilitY studies. The entire augmentation program proposed.by LA WMA will entail the <br />purchase of additional water ri2"hts associated with the X-V Ranch and from the Manvel Canal <br />. ~ <br />and Irrigation Company. It is expected that the purchase of all of these items will utilize <br />virtually the entire $3.75 million authorization. <br /> <br />,., .. .- , . ,-- - ~. ~\oO_, "_ -. '", . . <br />,- . -.' -, .,;;..\ ;;,.,<~~;:;J~J '._."> ': ~ <br /> <br />DISCUSSION <br /> <br />As outlined in the feasibility studies prepared by LA'VMA's engineering consultant, an <br />additional 1,500 acre-feet of consumptive use credits will be needed, over and above the <br />amounts to be obtained from the above-mentioned water rights, to fully offset LA WMA's <br />depletions. LA WMA proposes, with the approval of the Board, to apply the proceeds from <br />the sale of the X- Y Ranch lands towards the purchase of the additional 1,500 acre-feet. <br /> <br />I <br />