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<br />. I <br /> <br />. <br /> <br />I <br />I <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />With currently available water rights and the acquisition of the X- Y and Manvel rights, <br />LA WMA would be able, on an average annual basis, to offset all but approximately 1,500 <br />acre-feet of the estimated depletions according to the Helton & Williamsen January 1996 <br />report. <br /> <br />To date, LA WMA has borrowed $711,433 from the Construction Fund for option payments. <br />LA WMA would repay the one-year bridge loan and close on the properties with the proceeds <br />of the new loan. The total cost of the properties are given in Table 2. <br /> <br />TABLE 2. PROPOSED X-V AND MANVEL ACQUISITIONS <br />Property ~ - Cost. <br />X-V Ranch (4,500 acres),'66;0 cfs of direct flow tights, and 15.wells $3,008,000 <br />Additional 2.5 cfs of X-V Rights $14,334 <br />4,380 Shares of Manvel Canal and Irrigation Co. , , - . $652,260 <br />Total Cost $3,674,594 <br /> <br />As collateral for the loan, staff is proposing all of the water rights and all of the lands to be <br />acquired with the loan proceeds. <br /> <br />REVEGETATION <br /> <br />The revegetation program for the 3,000 irrigated acres on the X- Y Ranch will depend upon <br />the use of the land after it is taken out of production. If the land is sold or leased to the <br />Division of WIldlife, Helton & WjI!iamsen estimate that irrigation requirements for a mixture <br />of crops and grasses would amount to about 2,500 acre-feet per year for three to five years <br />and about 1,000 acre-feet per year thereafter. If the property is not sold or leased to the <br />Division of WIldlife,. native grasses will be established on the entire 3,000 acres and irrigation <br />requirements would amount to a maximum of 2,000 acre-feet per year during the firstfour <br />years. In both cases, irrigation water would be obtained from existing aIIuvial wells on the <br />X- Y Ranch. Depletions from the wells are a part of the augmentation program. <br /> <br />REQUIREMENTS OF ARKANSAS LEGISLATION <br /> <br />The CWCB and Attorney General's staffs have reviewed the loan request in terms of the <br />requirements of the Arkansas River Augmentation Loan Account legislation in the 1995 <br />Construction Fund bill and in the 1996 Arkansas legislation, SB96-124. It is the preliminary <br />opinion of both that LA WMA will be able to meet all of these requirements. <br /> <br />LA WMA is in the process of obtaining the signatures of all of its members on statements of <br />commitment to cease pwnping upon failure to pay LA WMA's membership dues and to <br />comply with rules promulgated by the State Engineer with regard to groundwater pwnping in <br />the Arkansas Valley (copy of Member Commitment Statement attached). <br /> <br />- 3 - <br />