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<br />BEST COpy
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<br />"..Thi X- Y Ranch properties acquired by LA WMA to date include approximately 4,600 acres of
<br />-land. The Division of Wildlife and others have expressed an interest in acquiring about 3,300 .
<br />. acres. LA WMA would like to offer the remaining 1,300 acres for sale at auction on or about
<br />June 7 of this year. Attached is a draft auction notice.
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<br />LAWMA is requesting a partial release of the deed of trust and that the entire proceeds from
<br />the sale be placed in an interest-bear...ng escrow account to serve as substitute collateral for t.1.e
<br />. lands sold. Please see the attached letter of April 25 from Ameiia Vlhiting of Moses,
<br />Wittemeyer, Harrison and Woodruff, the attorneys for LA WMA.
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<br />Tne 1,300 acres, more or less, to be sold at auction comprise the approximate lower one third
<br />of the lands within the boundaries of the X- Y Ranch and are shewn on the attached man as
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<br />, the South Ranch. About 300 aot<n. of the South Ranch have historically been irrigated with
<br />X-V Canal water and "\-veIls. LA\\l}.1A's augmentation program proposes that these lands be
<br />dried up and that the use..p:e.X- Y Canal water and well water be discontinued.
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<br />RECOrvlivfEl.:.mATIONi,,',-, "
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<br />Staffrecommends.thattheBoard approve apartial release of the deed of trust for the
<br />approximately 1,300 acres of land as described above and as shown on the attached map so
<br />that the lands may be sold at auction on or about June 7, 1996 by LA WMA. Staff further
<br />recommends that the partial release of the deed of trust be subject to the folloWing ,conditions
<br />to be added by amendment to LA WMA's existing loan contract: .
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<br />~,~!(1) It\ll::proc&as,troiii~die isaie,~f.ilie"i~ds:~h~ljO; ~ pl~'~ an:~t~~~~beari~g :escrow.;: ,i
<br />a~iinr:to::s~e'jasra)~rtio!lYofjthecOllateiil1f'on LA WMA's ;existip& ConsttiIction:6i , .
<br />Fuiid/lo'iib.:uITi.rr ~rfT .Ui8i?alK~ftt,~~t/'. ~}d;' fiJ'!::Hf/-i!V+~:' ,'~ ,~",i(~(.:'if'J'::;"
<br />n.i 1{)rrt5\~~O{) :3.dJ "c-J IJ:;}ngi~_: Gtrt! f.L~j~~~.~.;~!r -i-::',.~:~} ...~)q fj? ;--r; '/-;' ~. ;.;. . _ _', . .._~. _ ,
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<br />(2) All interest earned in the escrow account shall be applied to the repayment of ,.' ,-
<br />_~ LAWMA's..exi~g ~onstruction Fund ioan.
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<br />(3)"If$ee.'years:afterthe:sa1e:oftheland,LAWMA has not used th.e monies in the '
<br />,1 dscrow'accounttopurchase additional water rights for use in the Association's
<br />, augmentation program C"'vvith the approval of the Board) tnen all monies in the escrow
<br />, acCoUnt shall be applied to LA WMA's existing Construction Fund loan~
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<br />(4) The lands to be sold at auction on or about June 7, 1996 and to be iIlcluded in the
<br />partial release of the deed of trust must be sold at no less than fair market value.
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<br />(5) All 'conveyances of hnds sold under tills ~rrangement shall include covena'1ts
<br />prohibiting use of X- Y Canal water and of those X- Y Ranch wells purchased by
<br />LA WMA and further requiring compliance with any applicable revegetation
<br />requirements.
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<br />cc: William Grasmick, LA WMA
<br />Don Higbee, LA \VWA
<br />Linda Bassi, AG's Office
<br />Amelia Whiting, Moses, Wittemeyer, Harrison and Woodruff
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<br />Attachments
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