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L. Consumptive use credits from ownership of one-half of the Keesee Ditch water rights and one-half of the conservation storage water allocated to the Keesee Article II Storage Account in John Martin Reservoir. M. Credit for the portion of the transit loss that is not consumed associated with releases from the Offset Account. As depicted on column 4 of Table 4, these sources are estimated to yield appro�cimately 17,939 acre- feet of replacement water on an average annual basis and 7,864 acre-feet of replacement water on a firm annual basis. Given LAWMA's maximum annual replacement requirements of 20,841 acre- feet (column 6 of Table 1) 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 storage in John Martin Reservoir, such as the Keesee water rights, are needed by LAWMA. Accordingly, in order to increase the firm yield of its portfolio, LAWMA has submitted this loan request to obtain $2,493,722 in financing from the CWCB for the acquisition of the remaining one-half of the Keesee water rights. This additional replacement water supply source is described in more detail below. V. The Keesee Ditch 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 in Section 1, Townslup 23 South, Range 49 West of the 6`� P.M., Bent County, Colorado. The Keesee Ditch direct flow water rights and Article II Storage Account Water have historically been commingled with ground water and used to irrigate approximately 1,945 acres. Under the purchase agreement, LAWMA would acquire the remaining one-half of the Keesee water rights and one-half of the Keesee Article II Storage Account in John Martin Reservoir and one-half of the land historically irrigated with the Keesee water rights would be dried-up. In February, 2004 LAWMA acquired the first-half of the Keesee water rights with a loan from the CWCB. A. Keesee Water Ri�hts. Three priorities are decreed to be diverted through the Keesee Ditch. Those priorities are No. 1 for 9.4 cubic feet per second (cfs) with an appropriation date of March 31, 1871 which is senior to all water rights downstream on the Arkansas River and Priority No. 4 for 4.5 cfs with an appropriation date of December 31, 1883 is senior to all but 24.75 cfs of water rights downstream on the Arkansas River. Accordingly, these two water rights, totaling 13.5 cfs, generally are not affected by downstream river calls and can therefore provide a firm supply ofreplacement water to 0