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<br /> <br />.' <br /> <br />'^ <br /> <br /> <br />'~ <br /> <br />A <br /> <br />\ <br /> <br />C. Box Springs, HCWUA, and the State have negotiated this Settlement Agreement in <br /> <br />order to permit the Arkansas Rules to be implemented within the Horse Creek Basin; to protect <br /> <br />senior surface water rights within the Horse ,Creek Basin; to allow members ofthe HCWUA to pwnp <br /> <br />their wells under the Arkansas Rules within historical levels of use without curtailment; and to <br /> <br />permit resolution of Case No, 95 CW 211. Those are the purposes of this Settlement Agreement, <br /> <br />and the parties agree that it should be so construed and applied. <br /> <br />D. Box Springs, as the representative of its shareholders, and individual shareholders <br /> <br />who own stock in Box Springs (the "Shareholders") are executing this Agreement. Box Springs' <br /> <br />shareholders, and not Box Springs, own the subject water rights, and all consideration for sale or <br /> <br />lease described in the attached Exhibits A and B shall be paid to the Shareholders or to IRC 9 1031 <br /> <br />qualified intermediaries, in proportion to their stock ownership. <br /> <br />NOW, THEREFORE, IT IS AGREED AMONG THE PARTIES AS FOLLOWS: <br /> <br />, 1.0 IMPLEMENTATION OF ARKANSAS RULES <br /> <br />1.1 The parties have no objection to, implementation of the Arkansas Rules within the <br /> <br />Horse Creek Basin, consistent with the terms of this Settlement Agreement. Accordingly;:the State <br /> <br />shall move for an order so applying the Arkansas Rules to irrigation wells other than those owned <br /> <br />or used by HCWUA members ("HCWUA Wells") as of Aprill, 1997, and HCWUA and Box <br /> <br />Springs shall not oppose that motion, Application of the Arkansas Rules to HCWUA Wells shall <br /> <br />be governed by this Settlement Agreement. <br /> <br />-2- <br />