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As set forth in the above-table, LAWMA's Board of Directors believes that when the costs of obtaining a new $2,493,7221oan from the CWCB for acquisition of the remaining one-half of the Keesee water rights are spread-out amongst LAWMA's shareholders, the actual increases in share assessments that would be required to cover these costs become economically feasible for LAWMA and its members. LAWMA obtained shareholder approval of this Keesee loan proposal at its annual meeting on December 13, 2007. At the annual meeting, 13,364 of the 19,912 votes (approximately 67%) entitled to be cast on the proposed loan were present in person or by proxy. 13,210 votes were cast in favor of the proposed loan leaving only 61 votes cast against the proposed loan. Approval of the proposed loan at the annual meeting also included approval of a share assessment increase of $5.00 per share to $27.30 per share and apgroval of future share assessment increases as needed to cover payment of the proposed loan over the life of the loan. Another comparison that is particularly helpful to consider in evaluating the financial feasibility of this Keesee loan proposal is the cost to LAWMA members per acre-foot of firm yield and average yield replacement water with and without the remaining one-half of the Keesee water rights in LAWMA's portfolio. That comparison is depicted in the Table below. COST COMPARISON PER ACRE-FOOT OF LAWMA REPLACEMENT WATER YEAR Cost Per Average Cost Per Average Cost Per Dry- Cost Per Dry- Year Acre-Foot Year Acre-Foot Year Acre-Foot Year Acre-Foot without remaining with remaining without remaining with remaining one-half Keesee one-half Keesee one-half Keesee one-half Keesee 2008 - 2037 $43.33 $4628 $85.43 $82.64 Given that LAWMA paid between $60 -$65 per acre-foot of consumptive use replacement water during the dry-year summer of 2002 the cost of $82.64 per acre-foot of dry-year yield replacement water is reasonable. VII. Conclusions A. For its 2007 Arkansas River Use Rules replacement plan LAWMA included 485 wells, of which 410 are located in the mainstem area and 75 are located in tributary areas. LAWMA's augmentation plan includes an additional 214 wells, 8 gravel pits, 3 wildlife ponds and 1 spring. LAWMA's primary service area is the Arkansas River mainstem area below John Martin Reservoir, although it has members in the Big Sandy and Two Butte Creek basins and a few members above John Martin Reservoir. B. The mainstem irrigation pumping averaged 46,192 acre-feet annually from 1997 through 2006, and ranged from 11,762 acre-feet in 2004 to 75,569 acre-feet in 1997. For planning purposes it is expected that LAWMA's mainstem irrigation pumping will average about 49,359 acre-feet annually. 17