Memorandum of Understanding for Settlement of Case No. 04CW129 May 2006

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2. To provide for future continuing operation of the VFN1P in a manner P enerally consistent with the recent annual VFMP operations, with the cooperation of all the Parties to the eXtent provided below, and as they may further agree. 3. 'ro establish certain Parties' support for PSOP legislation and related actions consistent with the V EMP and this MOU. Agreed I" irtderstartdin� WHEREFORE, in consideration of the mutual promises and covenants set forth herein, the Parties confirm their agreement and understanding as follows: 1. Consent. Decree. The Parties agree that within ten (10) days following execution of this MOU by all Parties, they will execute stipulations, following the general form attached hereto as Exhibit A, agreeing to the entry of a decree in the RICD Case that is identical to the form attached hereto as Exhibit H (the "Consent Decree "). The Consent Decree includes, but is not limited lo, RICD water rights for the Boating Parks during the time period from the Friday before the last Monday in May through June 30 of each year (the "High Flow Period's. Under the Consent Decree, in each year Chaffee County shall elect 30 consecutive days during; the High Plow Period in which the RICK water rights shall be 1400 cfs ( "30 -Day Period "), with the exception of 8 days in June during that 30 -Day Period ( "Event Days ") on which the RICD water rights shall be 1800 cfs, as more specifically described in the Consent Decree. During the remainder of the High Flow Period that is outside the 30 -Day Period, the RICD water rights shall be limited to 700 cfs. The Consent Decree further allows for a reduction in the call placed by Chaffee County for the RICD water rights during the 30 -Day Period, including the Event Days, ( "Reduced RICD Call "), under the circumstances and subject to the conditions and limitations set forth in paragraphs 2 —5 below. 2. Recovery Year Exchanges. If the shortfall conditions described below are satisfied in any given year for CS-U, *BWWP and/or Southeastern (collectively referred to herein as "Senior Exchange Holders" and individually referred to as a "Senior Exchange Holder "), such that one or more of the Senior Exehange Holders require exchanges; "in addition to their senior rights, in order to refill depleted reservoirs and Chaffee County's RIC%Js are preventing the full exercise of such exchanges (collectively and individually referred to herein as "Recovery Year .Exchanges "), and the Senior Exchange Holder acquires the additional water or water rights to make such Recovery Year Exchanges, Chaffee County agrees to implement a Reduced RICD Call (as described in paragraph 5 below) during the 30 -Day Period in that year. a. For BWWP, shortfall conditions allowing; for Recovery Year Exchanges shall be deemed to exist in a given year when the total amount of water it has stored in the "Upper Basin Reservoirs" is less than 19,100 acre -feet on May 1. For purposes of this provision, Upper Basin Reservoirs shall include Clear Creek Reservoir, Twin Uakes Reservoir, Turquoise Reservoir, or such other new or existing reservoirs, or enlargernents thereof, that are utilized by BWWP in the Arkansas River basin above Salida. If a Reduced R.JCD Call is implemented in a given year pursuant to this provision, and BWWP's total amount of storage in the Upper Basin Reservoirs becomes equal to or greater than 29,400 acre -feet during the 30 -Day S02341