WATER RIGHTS ACQUISITION. The State shall provide up to two million dollars ($2,000,000) to the Local Government Division of the New Mexico Department of Finance and Administration on behalf of EPWSD as
WATER RIGHTS ACQUISITION. Subject to the dollar limit in Article 10.1.3.2, the State shall provide funds to the Acequia Madre del Rio Xxxxxx y del Xxxxxx Seco as necessary for: (a) acquisition of up to one hundred (100) AFY of consumptive use water rights from the Rio Grande or its tributaries; (b) all administrative, technical, and legal costs and fees associated with such acquisition;
WATER RIGHTS ACQUISITION. Subject to the dollar limit in Article 10.1.2.2, the State shall provide funds to EPWSD as necessary for: (a) acquisition of up to one hundred (100) AFY of consumptive use water rights from the Rio Grande or its tributaries, exclusive of water rights acquired with money appropriated by the 2005 New Mexico Legislature; (b) all administrative, technical, and legal costs and fees associated with such acquisition, inclusive of such costs and fees for water rights acquired with money appropriated by the 2005 New Mexico Legislature; (c) all administrative, technical, and legal costs and fees associated with transferring those water rights; and (d) all necessary permits. The one hundred (100) AFY of consumptive use water rights may be acquired and transferred in one or multiple transactions. EPWSD intends to acquire these water rights on the Rio Grande and will acquire such water rights on the tributaries only if the Mitigation Well System described at Article 7.3.3.1 does not adequately mitigate EPWSD’s tributary impacts.
WATER RIGHTS ACQUISITION. Subject to the dollar limit in Article 10.1.4.1, the State shall provide funds to the eleven (11) water rights acquiring MDWCAs listed in Table 8 below (those with non-zero entries in the column labeled “Water Rights to Be Acquired”) as necessary for: (a) acquisition of up to one hundred forty-five (145) AFY of consumptive use water rights from the Rio Grande or its tributaries; (b) all administrative, technical, and legal costs and fees associated with such acquisition; (c) all administrative, technical, and legal costs and fees associated with transferring those water rights; and (d) all necessary permits. The allocation of water rights acquired with these funds shall be as described in Table 8 below. In the event that this funding is insufficient to acquire the full one hundred forty-five (145) AFY of consumptive use water rights, allocation of the acquired water rights shall be pro rata among the same said eleven
WATER RIGHTS ACQUISITION. Notwithstanding Sections 10.1, 10.3, 10.4, 10.5, and 10.6 of this Agreement, the Borrower may enter into and complete the Water Rights Acquisition and the Water Service Agreement and the transactions contemplated thereby. The Borrower's incurrence of Indebtedness per the Water Services Agreement shall not be counted against: (i) the $2,000,000 amount set forth in Section 10.4(d), (ii) the $4,000,000 amount set forth in Section 10.4(e), or (iii) the $25,000,000 amount set forth in Section 10.4(f). With respect to the Water Rights Acquisition, (i) the Borrower shall grant to the Agent (to secure the payment and performance of the Liabilities) a second priority lien and security interest in the water rights being acquired as part of the Water Rights Acquisition (subject only to a prior lien and security interest in favor of the City of Dodge City, Kansas to secure the Borrower's obligations under the Water Services Agreement), which the Lenders acknowledge will be encumbered, at least in part by a water rights lease in favor of the City and corresponding sublease in favor of the Borrower; and (ii) the Borrower shall grant to the Agent (to secure the payment and performance of the Liabilities) a first priority lien and security interest in the sublease by the Borrower from the City of the water rights under the lease in favor of the City, all to be evidenced by documentation, in form and substance reasonably acceptable to the Agent. The aforementioned lien and security interest in the water rights being acquired as part of the Water Rights Acquisition shall be documented and recorded as soon as practicable. The aforementioned lien and security interest in the sublease by the Borrower from the City of the water rights being acquired as part of the Water Rights Acquisition shall be documented and recorded as soon as practicable. In the event that the aforementioned lien and security interest in the water rights being acquired as part of the Water Rights Acquisition in favor of the Lenders shall be documented and recorded prior to the documentation of the aforementioned lease, lien or security interest in the water rights in favor of the City, then the Agent shall execute on behalf of the Lenders a subordination agreement in favor of the City, reasonably acceptable to the Agent and to the City.
