PROJ01895 ‎(2)‎

• Contract/PO #: C153768
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Bent
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Contract Documents

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STATE OF COLORADO

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Colorado Water COhservation Board

Department of Nat~ral Resources

721 Centennial Building
1313 Sherman Street
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]

TO:

FROM:

DATE:

SUBJECT:

MEMORANDUM

Roy Romer
Covernor

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Col6rado Water Conservation Board Members O~'ies C. Lile, P.E.
I O"'eclOr. eWeB

Bill is tanton, P.E., Chief, Project Planning and Construction Section ~I
Bill preen, P.E., Planning Engineer '135- '
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JulYi9, 1998

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Agenda Item 16.a" July 13-14, 1998 Board Meeting-
Lower Arkansas Water Management Association - Water Rights
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PurFhase

Introduction

The Lower Arkans~ Water Management Association (LA WMA) is requesting a revision
to one of their existing loan contracts (Contract No. C153768) with the Board to allow
LA WMA the optio* of purchasing shares in the Amity Mutual Irrigation Company. . The:
historical consumptive use associated with these shares will be used as a part of
LA WMA's program to offset members' well pumping depletions in the Lower Arkansas
Basin. .

Background

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In May of 1997, thelBoard approved a loan to LA WMA for the purchase of shares in the
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Highland Irrigation Company and in the Fort Bent Ditch Company at a total estimated
cost of $3,301,371 (May 12-13, 1997 Meeting, Agenda Item 8.a.). Loan funds originated
from the release of moneys in the escrow account established from the sale of X- Y Ranch
Lands (about $1.0 ullmon) and from a new loan from the Arkansas River Augmentation
Loan Account of up: to $2.3 million. The loan is for 40 years with an effective rate of
return of 3.0 percen~.

To date, LA WMA has acquired 3,382 shares of the Highland Irrigation Company and is
continuing to pursu~ the purchase of the remaining 187 shares contemplated in the May
1997 loan approval by the Board. No Fort Bent shares have been purchased by LA WMA.

Current Request

LA WMA now has ~e opportunity to purchase 270 shares in the Amity Mutual Irrigation
Company. Attached is a letter from Amelia Whiting of Moses, Wittemeyer, Harrison and
Woodruff, attorneys ;tor LA WMA, outlining the request.
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/.1mes S. Lochhead
Executive Oireaor. ONR