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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />c) the Stubbs water right, d) 300 shares in the Manvel Canal and Irrigation Company, e) <br />1.436 shares in the Fort Bent Ditch Company, f) 50 shares in the Lamar Canal and Irrigation <br />Company, and g) consumptive use credits from Lamar Canal water rights under an agreement <br />with Colorado Beef. Included in this package are 1,316 Fort Bent shares and 50 Lamar Canal <br />shares that are owned by the City of Lamar and that can be used by LAWMA until the City <br />needs the water for its potable water system. Arrangements will have to be made with the <br />Fort Lyon Canal Company and the Southeastern Colorado Water Conservancy District <br />concerning the use of the Fryingpan-Arkansas Project return flow. <br /> <br />LAWMA has identified two additional water sources for acquisition. These include the <br />x-v Ranch and its associated water rights, and the remaining shares in the Manvel Canal and <br />Irrigation Company. The cost of acquiring these two sources is estimated at about $3.63 <br />million. LA WMA intends to market the land it will acquire in the X-V Ranch. This land should <br />provide money to purchase 1,000 to 1,500 acre-feet of additional consumable water. <br /> <br />This study shows that the water prOduced by these sources (including the 1,000 to <br />1,500 acre-feet of additional consumable water to be obtained from the sale ofthe X-V Ranch <br />land) would have been sufficient during water years 1990-94 to replace all LA WMA' s <br />depletions to Colorado surface rights and usable Stateline flow. If $3.79 million can be <br />borrowed from the Colorado Water Conservation Board Construction Fund to purchase these <br />water rights, the annual payments would be $139,000 with repayment over 40 years at a 2 <br />percent interest rate, and $219,000 with repayment over 30 years at a 4 percent interest <br />rate. The return flow from the Fryingpan-Arkansas Project water would cost about $8,000 <br />at present. When these annual payments are spread over 78,555 acre-feet of main stem <br />irrigation pumping, they would raise LAWMA's assessments to its members by approximately <br />$1.87 and $2.89 per acre-foot respectively. <br /> <br />2 <br />