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LAWMA - Water Rights Purchase Agenda Item 11c January 22-23,2008 (UPDATED January 28,2008) Sandy Creek and Two Sutte Creek basins and a few members above John Martin Reservoir. LAWMA membership also includes several municipal and rural domestic water suppliers that rely on Dakota and Cheyenne aquifer wells that are considered non-tributary and are not subject to the Arkansas River Use Rules. LAWMA currently has four loans with the CWCS, as summarized in Table 1 below: Table 1, Existing ewes Loans Loan No. Date of Original Terms Current Annual Future Contract Loan Balance Pavment Pavment C153715 05/01/1997 $3 688 567 3% - 40 vrs $3 822.033 $122000(1) $199184 (2) C153756 09/18/1997 $ 65 000 3.25% - 10 vrs $ 17.453 $ 9154 (3) Pav off 2009 C 153768 OS/28/1997 $2 300 000 3%.- 40 vrs $1.841 792 $ 89.297 (5) n/a C150150 01/01/2004 $2212 500 2.5% - 30 vrs. $2.113,298 $108674(6) n/a Totals 9;8 326 067 $7 794 576 9;329.025 $199184 (1) Annual payment through May 2007 (3) Annual payment through July 2009 (5) Annual payment 2015 - 2044 (2) Annual payment 2008 - 2037 (4) Annual payment through 2014 (6) Annual payment through 2034 Proiect Need - LAWMA's mainstem irrigation pumping averaged 45,463 acre-feet annually from 1997 through 2006, and ranged from 75,569 acre~feet in.1 997 to 11 ;762 acre~feet in 2004. For planning purposes, it is expected that LAWMA's mainstem irrigation pumping will average about 46,192 acre-feet annually, and should total 28,246 acre-feet in a dry year. The replacement requirements are a maximum of 20,841 acre-feet annually. (At full allocation LAWMA provides shareholders 1 acre-foot of replacement water per share.) LAWMA's replacement sources are estimated to yield approximately 17,939 acre-feet (69% allocation) on an average year and 7,864 (35% allocation) acre-feet of replacement water on a firm annual basis. Given LAWMA's maximum replacement requirements of 20,841 acre-feet, LAWMA has a need to substantially increase the firm yield of its water rights portfolio. Therefore, additional replacement water supplies of senior water rights that can provide consistent amounts of replacement water, even in dry years, and replacement water sources that can be stored and carried over in John Martin Reservoir, such as the Keesee water rights, are needed by LAWMA to increase the minimum yield of its portfolio. With the addition of remaining Y2 of the Keesee rights, LAWMA's available replacement water sources will increase to 19,721 acre-feet on an average annual basis, with a firm minimum of 9,085 acre-feet, an increase of approximately 9.9% and 15.6% respectively. The average yield of the remaining Y2 of the Keesee water rights is estimated to be 1,761 acre-feet between 1980 through 1994. Acquisition of the remaining Y2 of the Keesee water rights, as proposed herein, would increase the firm yield of LAWMA's portfolio of replacement water sources by approximately 1,221 acre-feet. More importantly, according to LAWMA's operational study, which simulates the operation of LAWMA's replacement plan from 1950 through 2006, with owning the remaining Y2 Keesee water rights, the allocation of replacement water would increase by an average 6% overall. On average, this translates into 3,700 acre-feet of additional pumping in these years by LAWMA shareholders. Acquisition of the remaining Y2 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. The State Engineer has encouraged LAWMA to find a way to store more water in the Offset Account, and during the final phase of the Kansas v. Colorado 2