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LAWMA -Water Rights Purchase January 22-23, 2008 Water Project Construction Loan Program-Project Data Borrower: LAWMA County: Bent, Provers Agenda Item 11c Project Name: Keesee Water Rights Acquisition Project Type: Water Rights Purchase Drainage Basin: Arkansas River Total Project Cost: $3,650,000 Water Source: Arkansas River Funding Sources: CWCB, LAWMA Type of Borrower: Blended (Ag./LMun./Com.) Delivery: 1,760 ac -ft (consumptive use) CWCB Loan: $2,494,700 (Includes 1 % fee) Interest Rate: 2.30% Term: 30 years The Lower Arkansas Water Management Association (LAWMA), is seeking a new loan for $2, 494, 700 for the purchase of '/ of the Keesee Ditch water rights, for use as replacement water source to offset depletions from well pumping. The Keesee Ditch is located on the mainstem of the Arkansas River approximately five miles downstream of John Martin Reservoir. The Keesee Ditch shares a common diversion dam with the Fort Bent Canal, and diverts from the south bank of the Arkansas River. LAWMA has the opportunity to purchase the Keesee water rights, a very senior water right, that will strengthen the reliability of their water rights portfolio, and meets compact requirements. The average yield of the remaining '/ of the Keesee Ditch water rights is estimated to be 1,761 acre-feet between 1980 through 1994. LAWMA's available replacement water sources are estimated to yield 17,939 acre-feet on an average annual basis, with a minimum of 7,864 acre-feet. With the addition of '/ of the Keesee rights, LAWMA's available replacement water sources will increase to 19,721 acre-feet on an average annual basis, with a minimum of 9,085 acre-feet, an increase of 9.9% and 15.6% respectively. Acquisition of one-half of the Keesee water rights is also needed because those rights can be stored in the Offset Account and would assist LAWMA with placing a cushion of replacement water in storage in John Martin Reservoir to assist it with making its required replacements during a series of dry years. -----~-----r~----- Location Map