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LAWMA allocates water to its stockholders in the winter and/or spring of the year. <br />A full, or 100% allocation, is 1.00 acre-foot of consumptive use replacement water for each common <br />share. A 50% allocation is 0.50 acre-foot of consumptive use replacement water for each common <br />share and so on. Each preferred share is allocated 1.00 acre-feet of consumptive use replacement <br />water. Once the annual allocation is made, the allowable annual pumping is calculated for the wells <br />from the number of shares dedicated to the well or wells, the presumptive depletion factor for the <br />well or wells, and the appropriate "usabilit�' factors, if applicable. The operation study represented <br />in Tables 1 and 3 assumed that conservative criteria would be used by LAWMA to set the annual <br />allocations to insure that sufficient replacement water would be available to cover pumping <br />depletions in dry years and the years following. 'This conservative allocation process involves an <br />initial allocation in December or January and possible additional allocations later in the winter or <br />spring when more replacement water has become available and it is clear that LAWMA's water <br />supply will be sufficient to justify the additional allocation. The conservative allocation process also <br />results in an accumulation of a substantial "cushion" of LAWMA replacement water in storage in <br />John Martin Reservoir to cover LAWMA's replacement requirements through a series of dry years, <br />Table 4 summarizes the results of these operation studies. Without the remaining <br />one-half of the Keesee water rights, LAWMA's replacement supplies would be adequate for less <br />than full allocations of replacement water to LAWMA members in 39 of 57 years. With the <br />remaining one-half of the Keesee water rights, LAWMA's replacement water supplies wauld be <br />significantly improved, especially in dry-years, and would justify full allocations of replacement <br />water to LAWMA members in 2 additional years. Furthermore, with the addition of the remaining <br />one-half of the Keesee water rights, the allocations of replacement water increased by an average of <br />6% overall. On average, this translates into 3,700 acre-feet of addirional pumping in these years by <br />LAWMA shareholders. <br />However, the effect of adding the remaining one-half of the Keesee water rights on <br />the firm yield of LAWMA's water rights portfolio can best be seen by comparing the minimum <br />replacement requirement that was augmented with LAWMA's replacement water sources with and <br />without the remaining one-half of the Keesee water rights in columns 3 and 7 of Table 4. <br />Replacement requirements set forth in these operational studies are determined principally by <br />LAWMA's annual allocations of replacement water and, therefore, are the best indicator of the yield <br />of LAWMA's overall water supply. <br />Without the remaining one-half ofthe Keesee water rights, the minimum replacement <br />requirement was 7,864 acre-feet in 1964. With the remaining one-half of the Keesee water rights, <br />the minimum replacement requirement was 9,085 acre-feet in 1974, for an increase of 1,221 acre- <br />feet. Without the remaining one-half of the Keesee water rights the average replacement requirement <br />was 17,939 acre-feet. With the remaining one-half of the Keesee water rights the average <br />replacement requirement was 19,721 acre-feet. That translates into a firm yield increase with one- <br />half of the Keesee water rights in LAWMA's portfolio of replacement water sources of <br />approximately 15.5% and an average yield increase of approximately 9.9%. This information is <br />summarized in the table below. <br />� <br />