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Water ri hts owners-lessors. Irrigators may participate with 100 percent of their <br />irrigated land, nr some lesser percentage, as they individually choose. All participating land <br />will be not be irrigated the same percentage aver the long term, although irrigators will have <br />considerable flexibility to decide which land not to irrigate. Irrigators can participate <br />individually, as part of a family group, or part of another formal nr informal group, e.g., LLC, <br />or ditch lateral. Participating irrigators will be responsiile for weed and erosion cnntrol on <br />their fallowed land. Land irrigated by participating irrigators must be fallowed to make the <br />historical consumptive use of their water rights available fnr other uses. Fallowing may be <br />on a rotational or other basis. <br />Water users-lessees. M&I users that could lease water through the Super Ditch <br />Company may include among others the following: Pikes Peak Regional Water Authority, <br />Colorado Springs Utilities, Aurora, Pueblo Board of Wafer Works, Pueblo West, Fountain <br />Valley Authority, Canon City, Security, Widefield, St. Charles Mesa, Arkansas Valley <br />Conduit, other municipalities, Colorado State Parks, Colorado Division of Wildlife, the <br />Colorado Water Conservation Board, energy and industrial users, and other agricultural <br />users. In order to avoid undermining the potential for the success of the program, a <br />condition of leasing water is expected to be a voluntary agreement by the Municipality or <br />other Water User not to purchase and transfer irrigation water rights out of the Lower Valley <br />for so long as they are receiving the benefits of water leased from the Company. <br />Municipalities or other Water Users would not, however, be expected to forgo the purchase <br />of irrigation water rights while the program is operating, althnugh they would be expected to <br />make those water rights available for lease through the program -- just like any other <br />irrigation water right owner -- so that every water owner would be treated alike. <br />Some M&I users have voluntarily entered into intergovernmental agreements <br />("IGAs") that address, among other things, the use and transfer of irrigation water rights fnr <br />municipal purposes. Other agreements concern flows below Pueblo Reservoir. The <br />Rotational Land Fallowing-Wafer Leasing program would necessarily operate within the <br />confines of such agreements for so long as they are in effect. <br />Operational details. On behalf of the irrigators, the Super Ditch Company will <br />negotiate leases with M&I users, including lease terms and conditions, including the price of <br />water per acre-foot (base price), periodic price escalation factors (inflation and market <br />adjustments), length of lease, payment terms, delivery points, and delivery schedule. <br />Irrigators will then decide whether to participate nr not. <br />The Super Ditch Company will be responsible for administering the leases with M&I <br />users. For example, the Company will necessarily determine which lands will be fallowed <br />each year based on lease demand and hydrology. In addition, the Super Ditch Company <br />will be responsible for lease accounting and reporting under SWSPs and water court <br />decrees. <br />Leases will provide that irrigators receive revenues directly from the water user- <br />lessee. This will avoid double taxation, i.e., taxation of income to the Company and to the <br />irrigator. <br />