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<br /> <br />Form Revised May 2007 <br /> <br />those acquired when his water was leased. <br /> <br />J. Governance of the Lower Arkansas Valley Super Ditch Company: The Super Ditch <br />Company will be managed under the direction of a board of directors elected by the shareholders. <br />Governance will forever remain in the hands of Participating Irrigators pursuant to the articles of <br />incorporation. The board of directors may establish any number of committees, including advisory <br />committees that include committee members who are not themselves shareholders but bring expertise in <br />matters such as water law, finance, trading mechanisms and the like. <br /> <br />K. Financial Matters: The principal financial interest of a Participating Irrigator will be the <br />revenues he receives from his lease. The Super Ditch Company will earn revenues from the lease of its <br />own water and from charges to Pm1icipating Irrigators, Municipalities, and other Water Users for <br />operating the program, similar to ditch company assessments. The Super Ditch will also be permitted to <br />finance the acquisition of water rights, and other activities, as the shareholders determine. <br /> <br />L. Form of Entity. Many fonns of legal entities - from corporations to cooperatives and <br />limited liability companies, although not mutual ditch and reservoir companies or non-profits - are now <br />available for enterprises such as the Super Ditch Company. No conclusion has yet been made regarding <br />which ofthese forms is optimal for the Lower Arkansas Valley Super Ditch Company, but it is clear that <br />one or more forms will suffice to enable it to operate as envisioned. The form of entity will ultimately <br />be the decision of the incorporators. <br /> <br />5. Please summarize the proposed scope of work. Please refer to Part 2 of the Criteria and Guidance <br />document for detailed requirements. On the following page there is an example fonnat for the Scope of <br />Work. You can use the example fonnat or your own format, provided that comparable information is <br />included. <br /> <br />The scope of work should outline by task how the water activity will be accomplished. It is imp011ant that <br />the scope of work detail the specific steps, activities/procedures that will be followed to accomplish the <br />water activity and the specific products/deliverables that will be accomplished. The scope of work should <br />include, but not be limited to: task description, key personnel, budget, schedule and deliverables and the <br />final report/project documentation upon completion of the water activity. <br /> <br />There are a number of economic and engineering issues to work out before the Lower Arkansas Valley <br />Super Ditch Company can come into being. tasks associated with this effort are discussed below. <br /> <br />TaskA. <br /> <br />Economic <br /> <br /> <br />Previous studies have the water by a range of possible lessees and the <br />amount of water potentially supplied by irrigators. More detailed analysis of demand and supply is necessary to <br />understand the potential leasing market in order to craft leases that are attractive to both municipalities and other <br />water users and Arkansas Valley irrigators. <br /> <br />9 <br />