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<br />MOSES, WITTEMYER, HARRISON AND WOODRUFF, P. C. <br /> <br />LAW OFFICES <br /> <br />., <br /> <br />DAVID L. HARRISON <br />.JAMES R. MONTGOMERY <br />TIMOTHY .J. BEATON <br />VERONICA A. SPERLING <br /> <br />BOULDER, COLORADO B0302 <br /> <br />CHARLES N. WOODRUFF <br />(1941-t996) <br /> <br />- <br /> <br />1002 WALNUT STREET, SUITE 300 <br /> <br />TELEPHONE: (3031 443-B782 <br />FAX: 13031443-8796 <br /> <br />GIL.BERT Y. MARCHAND, .JR. <br />AMELIA S. WHITING <br />KELLY oJ. CUSTER. <br />KEV,N ,J. KINNEAR <br /> <br />COUNSEL <br />RAPHAEL. ..I. MOSES <br />.JOHN WrTTEMYER <br /> <br />ADORES5 CORRESPONDENCE TO: <br />P. O. ElOX1440 <br />80UL.DER, CO 80306-1440 <br /> <br />SPECIAL. COUNSEL. <br />HUNTLEY STONE <br /> <br />April 29, 1999 <br /> <br />Peter Evans, Director <br />Colorado Water Conservation Board <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />Re: Lower Arkansas Water Management Association - Loan Contract <br />C153768 <br /> <br />Dear Peter: <br /> <br />I am writing on behalf of the Lower Arkansas Water Management <br />Association (LAWMA) to request authorization to use loan funds <br />under Loan Contract No. C153768 to purchase shares in the Las <br />Animas Consolidated Ditch Company. LAWMA representatives have <br />discussed this request with Bill Green and Jan Illian of your .. <br />staff. .. <br /> <br />As you may recall, the Colorado Water Conservation Board (the <br />Board) approved Loan Contract No. C153768 in May 1997 in the amount <br />of $2.3 million, for the purchase of 3569 shares of the Highland <br />Irrigation Company, and 354 shares of the Fort Bent Ditch company. <br />LAWMA has closed on the purchase of 3382 shares of Highland and is <br />continuing its efforts to acquire the remaining 187 Highland <br />shares. As of April, 1999, $424,416 in available funds remain <br />under the contract. <br /> <br />At its July 14, 1998 meeting, the Board approved an amendment <br />of the loan contract to allow LAWMA to use the remaining $424,416 <br />to purchase shares in the Amity Mutual Irrigation company as an <br />alternative to the Fort Bent shares. Under the amendment, LAWMA <br />may purchase any combination of shares in Highland, Fort Bent, or <br />Ami ty, with the approval of the Director. The purpose of the <br />amendment was to allow LAWMA to further diversify its portfolio and <br />increase storage reserves by purchasing Amity shares, instead of <br />Fort Bent shares, if possible. To date, LAWMA has not purchased <br />any Fort Bent or Amity shares with Board funds. <br /> <br />LAWMA now has an opportunity to purchase 8 Las Animas <br />Consolidated shares, one of which would subsequently be used in <br />trade to acquire 20 of the 187 Highland shares LAWMA is seeking to <br />acquire. The Las Animas Consolidated shares represent more senior ... <br />water rights than the Fort Bent or Amity shares. This makes the ,., <br /> <br />RECEIVED <br />APR 3 0 1999 <br /> <br />~,Wat.. <br />~\\ol'I%'iM l1R.i!d <br />