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<br />.. <br /> <br />~ <br /> <br />. <br /> <br />. <br /> <br />~ <br /> <br />The Amity purchase represents an opportunity for LA WMA to diversify its water rights <br />portfolio with a reliable source of replacement water with associated storage. While the <br />cost is somewhat higher than the proposed Fort Bent purchase ($231,458 as opposed to <br />$177 ,000), more water would be obtained to offset the depletion requirement. The costs <br />per acre-foot for Amity or Fort Bent water would be essentially the same. <br /> <br />Drv- Y ear Shortages <br /> <br />Helton & Williamsen have submitted to us a revised draft of the second feasibility study <br />for LA WMA's Water Rights Acquisitions and Augmentation Program. The report <br />presents several options for reducing stream depletions in a dry year or obtaining <br />additional replacement supplies including: <br /> <br />. Permanent removal of irrigated fields relying solely on wells, <br /> <br />. Temporary removal of irrigated fields during a drought year, <br /> <br />. Spot market acquisitions of water, <br /> <br />. A progressive dues structure resulting in higher rates for larger blocks of pumping, <br />and <br /> <br />. A change in LA WMA's organizational structure to allow volumetric pumping <br />limitations. <br /> <br />LA WMA will decide which, if any, of these strategies it may choose to adopt. <br /> <br />Offset Account <br /> <br />The Board's May 1997 approval of the Highland/Fort Bent loan included a <br />recommendation that the CWCB staff evaluate further the economic and financial <br />implications of the Offset Account in John Martin Reservoir. The following paragraphs <br />describe the Offset Account and provide a brief economic analysis for the year 1997. <br />Staff would like to suggest that a full discussion of the Offset Account be deferred as a <br />separate item for a future Board meeting. <br /> <br />In March 1997, the Arkansas River Compact Administration approved a resolution for an <br />offset Account in John Martin Reservoir. The resolution established a 20,000 acre-foot <br />storage account, which may be used by Colorado well owners to regulate replacement <br />supplies. It is expected that Highland water and LA WMA's Article II Storage Account <br />water could be regulated in this account to make up depletions with respect to usable <br />stateline flow. <br /> <br />The disadvantage of using the account is the payment of "Storage Charge Water" to <br />Kansas in the amount of 500 acre-feet annually plus 5 percent of water stored in excess of <br />10,000 acre-feet. Also, the water regulated in the account may be charged for up to two <br /> <br />3 <br />