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<br />MOSES, WrTTEMYER, HARRISON AND WOODRUFF, P.C. <br /> <br />LA W OFFICES <br /> <br />DA VID L. HARRISON <br />JAMES R. MONTGOMERY <br />TIMOTHY J. BEATON <br />VERONICA A. SPERLING <br /> <br />] 002 WALNUT STREET, SUITE 300 <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 WITIEMYER <br /> <br />RICHARDJ. MEHREN <br />GABRIEL D. CARTER <br />BRIAN A. KNUTSEN <br /> <br />ADDRESS CORRESPONDENCE TO: <br />P. O. BOX 1440 <br />BOULDER, CO 80306-1440 <br /> <br />April 25, 2005 <br /> <br />Chad Henderson, Contract Manager <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br />1580 Logan Street, Suite 750 <br />Denver, Colorado 80203 <br /> <br />Re: Lower Arkansas Water Management Association <br /> <br />Dear Chad: <br /> <br />This firm represents the Lower Arkansas Water Management Association <br />("LA WMA"). LA WMA has entered into several loan contracts with the Colorado Water <br />Conservation Board ("CWCB") for the purchase of water rights decreed to the Highland Canal on <br />the Purgatoire River and other water rights on the Arkansas River in the Lower Arkansas River <br />Basin. I am writing to bring to the CWCB' sattention an agreement LA WMA is working on that <br />relates to LA WMA's Highland Canal water rights and loan contracts with the CWCB. This letter <br />first discusses some background information related to LA WMA' s Highland Canal water rights and <br />then discusses the agreement that LA WMA wants to bring to the CWCB' s attention. <br /> <br />LA WMA has purchased 89.53% of the shares of stock in the Highland Irrigation <br />Company ("Company") with financing through the CWCB. The Company has been dissolved and <br />LA WMA' s 89.53% interest in the water rights decreed to the Highland Canal are used by LA WMA <br />for augmentation of its members' well depletions pursuant to the Arkansas River Rules and are no <br />longer diverted into the Highland Canal for agricultural irrigation. LA WMA's Highland Canal <br />water rights are encumbered by CWCB Loan Contract Nos. C153715, C153768 and C153756. <br /> <br />While LA WMA no longer diverts its Highland Canal water rights into the Highland <br />Canal, there are two remaining shareholders in the Company, Mr. Nelson and Mr. Davidson (the <br />"Remaining Shareholders"), that continue to divert their interests in the Highland Canal water rights <br />into the Highland Canal for the continued in-igation of their lands located under the canal. Mr. <br />Nelson and Mr. Davidson own a combined 6.08% interest in the Highland Canal water rights. The <br />Company will convey to the Remaining Shareholders their interests in the Highland Canal water <br />