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<br />" <br /> <br />-' <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1 31 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone' (3031 866.3441 <br />FAlC (303) 866.4474 <br /> <br />STATE OF COLORADO <br /> <br />.~ <br /> <br />MEMORANDUM <br /> <br />Roy Romer <br />Governor <br /> <br />James S. lochhetlu <br />Executive Director, ONR <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members D";e' C. Ule, PE, <br />Drrector, ewes <br /> <br />Bill Stanton, P.E., Chief, Project Planning and Construction Section ~, <br />Bill Green, P.E., Planning Engineer 130-- <br /> <br />FROM: <br /> <br />DATE: <br /> <br />July 9, 1998 <br /> <br />SUBJECT: <br /> <br />Agenda Item 16.a., July 13-14, 1998 Board Meeting- <br />Lower Arkansas Water Management Association - Water Rights <br />Purchase <br /> <br />Introduction <br /> <br />The Lower Arkansas Water Management Association (LA WMA) is requesting a revision <br />to one of their existing loan contracts (Contract No. C153768) with the Board to allow <br />LA WMA the option of purchasing shares in the Amity Mutual Irrigation Company. The <br />historical consumptive use associated with these shares will be used as a part of <br />LA WMA's program to offset members' well pumping depletions in the Lower Arkansas <br />Basin. <br /> <br />Background <br /> <br />In May of 1997, the Board approved a loan to LA WMA for the purchase of shares in the <br />Highland Irrigation Company and in the Fort Bent Ditch Company at a total estimated <br />cost of $3,301,371 (May 12-13, 1997 Meeting, Agenda Item 8.a.). Loan funds originated <br />from the release of moneys in the escrow account established from the sale of X - Y Ranch <br />Lands (about $1.0 milliDn) and from a new loan from the Arkansas River Augmentation <br />Loan Account of up to $2.3 million. The loan is for 40 years with an effective rate of <br />return of 3.0 percent. <br /> <br />To date, LA WMA has acquired 3,382 shares of the Highland Irrigation Company and is <br />continuing to pursue the purchase of the remaining 187 shares contemplated in the May <br />1997 loan approval by the Board. No Fort Bent shares have been purchased by LA WMA. <br /> <br />Current Request <br /> <br />LA WMA now has the opportunity to purchase 270 shares in the Amity Mutual Irrigation <br />Company. Attached is a letter from Amelia Whiting of Moses, Wittemeyer, Harrison and <br />Woodruff, attorneys for LA WMA, outlining the request. <br />