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<br />1. INTRODUCTION <br /> <br />On August 29, 1984, the Board of Directors of the <br /> <br />San DiegD County Water Authority authorized the execution of an <br />option Agreement between the Authority and the Galloway Group, <br />Ltd., a Colorado Corporation. A copy Df the press release <br /> <br />issued by the Authority is attached to this report. In return <br /> <br />for the payment of $10,000 (which is reimbursable if the option <br /> <br />is e;,. rcised and Galloway then fails to meet certain <br /> <br />conditions), the Option Agreement allows the Authority, by <br /> <br />exercising the option on or before October 15, 1984, to enter <br /> <br />into a Water Service Agreement with Galloway which is in <br /> <br />substantial conformity with Exhibit A attached to the Option <br /> <br />Agreement. <br /> <br />Exhibit A, the Water Service Ag -ement ("Agreement") <br /> <br />recites that Galloway is the owner or appropriator of various <br /> <br />rights from the White and Yampa Rivers in COlorado, which rights <br /> <br />have been decreed or applied for. and that Galloway has proposed <br /> <br />to construct, is in the process of constructing or has purchased <br /> <br />facilities for the delivery, and storage of water from those <br /> <br />. d' b . II <br />rlvers an trl utarles.- <br /> <br />Galloway agrees to deliver and the <br /> <br />Authority 0jreeS to purchase, between a minimum of 300,000 <br /> <br />acre-feet and a maximum of 500,000 acre-feet of water <br />annually.~1 It is stated that "The water to be delivered by <br />[Galloway] hereunder shall be in addition to California's <br /> <br />entitlement and be taken from the entitlement of the Upper Basin <br /> <br />1. <br />