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ORDINANCE NO. 1804 SERIES 2021 AN ORDINANCE APPROVING THE TRANSFER OF CITY -OWNED WATER RIGHTS IN THE NEW COAL RIDGE DITCH COMPANY AND APPROVING AN AGREEMENT IN CONNECTION THEREWITH WHEREAS, the City of Louisville ("City") operates and owns a municipal water supply and sewer system; and WHEREAS, the City's water supply includes a proportionate share of water entitlements of the New Coal Ridge Ditch Company (the "Ditch Company"), a mutual ditch and reservoir company organized pursuant to § 7-42-101, et seq., C.R.S.; and WHEREAS, the Ditch Company's system includes direct flow water rights and water associated with shares in various ditch companies on South Boulder Creek; and WHEREAS, the entitlements to the available water in the Ditch Company's system are divided proportionally among the Ditch Company's shareholders; and WHEREAS, the City owns 227 shares (10.73%) of the 2,116 shares of capital stock issued and outstanding in the Ditch Company (hereinafter referred to as the "Water Stock"); and WHEREAS, the Water Stock represents the City's 10.73% entitlement to the water available in the Ditch Company's system; and WHEREAS, by decree entered in Case No. 80CW451, Water Division No. 1 (the "Water Court"), the City changed the type, place, and manner of use of the water rights represented by the Water Stock from irrigation to all municipal purposes and irrigation (the "Decree"); and WHEREAS, at the time of the Water Court's entry of the Decree, the water rights represented by the Water Stock included the City's 10.73% entitlement to the Ditch Company's direct flow water priorities (the "Direct Flow Water"), the City's 10.73% entitlement to the storage rights attributable to the Ditch Company's interest in the Baseline Reservoir system (the "Storage Water Rights"); and WHEREAS, pursuant to the terms and conditions set forth in the Decree, the City's proportionate share of the changed Direct Flow Water authorizes it to divert up to 319 acre-feet per year of fully consumable water available to the Ditch Company, and a yield from the Storage Water Rights equivalent to 16.12 shares in the Baseline Reservoir system; and WHEREAS, the Ditch Company reorganized in 1996, which resulted in the Base Line Land & Reservoir Company issuing new shares of stock to the City for only the Water Storage Rights previously associated with the Water Stock, and caused the Water Stock to now represent only the proportional entitlement to Ditch Company's available Direct Flow Water; and Ordinance No. 1804, Series 2021 Page 1 of 4