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<br />. <br /> <br />. <br /> <br />} <br /> <br />project Description <br />Rodney J. preisser Purchase of Augmentation Water <br />Page 2 <br /> <br />e <br /> <br />will come partially <br />proceeds from the Bell <br />loan funds. <br /> <br />from his own funds, partially from <br />Farms sale, and partially from the CWCB <br /> <br />. At the time of signing of the settlement agreements, preisser <br />will pay Reid and Box Springs each $5,000.00. This money will <br />be paid by Preisser using his own funds, and he will not seek <br />reimbursement from the CWCB for these payments. It is <br />estimated that this will take place before the July CWCB <br />meeting. <br /> <br />. At the time of the closing with Bell Farms, Preisser will pay <br />Reid $65,000.00, Box Springs $50,000.00, and Smith $5,000.00. <br />This money will come from proceeds from the sale to Bell <br />Farms, and Preisser will not seek reimbursement from the CWCB <br />for these payments. It is estimated that the closing will <br />take place sometime between August 15 - September 15, 1997. <br /> <br />. <br /> <br />The closing with Bell Farms will be timed to coincide with the <br />release to Preisser of the CWCB loan funds. The CWCB funds <br />will be held in an escrow account until final Water Court <br />approval of Preisser's augmentation plan. Upon approval, the <br />funds will be paid by the escrow agent to Reid and to Box <br />Springs, in the amounts of $45,000.00 each. If the <br />augmentation plan does not receive Water Court approval, the <br />funds will be returned to the CWCB. <br /> <br />e <br /> <br />. Box Springs will deed to Preisser 3.0 cfs of its water right <br />for augmentation purposes. preisser will receive a deed in <br />the amount of 1.65 cfs, including 330 acre-feet consumptive <br />use, at the time of the Bell Farms closing. The remaining <br />1.35 cfs, including 270 acre-feet consumptive use, will be <br />deeded to preisser at the time his augmentation plan is <br />approved and the final payment is made to Box Springs from the <br />escrow account. <br /> <br />. The 600 acre-feet pumped from the Preisser wells may be used <br />for any beneficial use and may be fully consumed. <br /> <br />. <br /> <br />Preisser has joined three wells into the HCWUA plan. The <br />three wells are currently used to irrigate 130 acres under a <br />center pivot sprinkler system. These wells will be removed <br />from the Horse Creek plan in order to allow the water to be <br />used for purposes other than irrigation. preisser will not <br />take transfer of any part of HCWUA water rights or <br />augmentation credits, nor use any part of HCWUA's CWCB <br />funding. preisser will remain liable on his proportionate <br /> <br />e <br />