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<br />Section 23. Price of Agricultural Land and Residual Edwards Aquifer Groundwater <br />Withdrawal Rights Sold to Individual RWRDG Participants <br /> <br />The price for residual agricultural land and any residual groundwater withdrawal rights <br />shall be the difference between the actual average price per acre foot of Edwards Aquifer <br />groundwater withdrawal rights otherwise permanently acquired by the RWRDG during <br />that quarter and the actual cost per acre of the acquired agricultural land. If there are no <br />Edwards Aquifer groundwater withdrawal rights otherwise acquired by the R WRDG <br />during the quarter in which the agricultural land is acquired, the price for the agricultural <br />land sold to individual RWRDG participants shall be the difference between the target <br />price per acre foot established that quarter for the permanent acquisition of Edwards <br />Aquifer groundwater withdrawal rights and the actual average cost per acre of the <br />acquired agricultural land. <br /> <br />Section 24. Allocation of Agricultural Land and Residual Edwards Aquifer <br />Groundwater Withdrawal Rights among Individual Purchasing RWRDG <br />Participants <br /> <br />When the Administrator determines the number of R WRDG participants willing to <br />purchase the agricultural land and retained water rights at the price specified herein, the <br />Administrator shall propose a fair and equitable division of the acquired agricultural <br />lands on a pro rata or other basis among the RWRDG participants interested in <br />purchasing agricultural land. If the Administrator's proposed division or subdivision of <br />the acquired agricultural lands is acceptable to all the RWRDG participants interested in <br />purchasing agricultural land, the Administrator shall proceed to make the distribution on <br />receipt of the full amount of each individual RWRDG participant's share of the total <br />purchase price as defined herein. If the Administrator's proposed division or subdivision <br />of the acquired agricultural lands is not acceptable to all the R WRDG participants <br />interested in purchasing agricultural land, then the land shall be transferred to all <br />interested RWRDG participants as tenants in common with the ownership shares <br />determined by their pro rata contributions to the total purchase price. The R WRDG <br />participant which pays the largest pro rata share of any individual property's acquisition <br />price shall be the managing tenant, and shall manage the property in the best interest of <br />all the owners and shall act in a fiduciary capacity towards them. If multiple RWRDG <br />participants desire to purchase agricultural land with retained groundwater withdrawal <br />rights, each participant shall secure in advance of closing the requisite legal authority to <br />enter into land acquisition transaction and shall grant Agent a limited power of attorney <br />to act on the participant's behalf in acquiring the land, including but not limited to, the <br />power to represent the R WRDG participant at the closing. <br /> <br />Section 25. Acquisition of Edwards Aquifer Groundwater Withdrawal Rights <br />Associated with Nonagricultural Land. <br /> <br />Should any R WRDG participant acquire any non-agricultural land with groundwater <br />withdrawal rights for a primary purpose other than acquisition of groundwater <br />withdrawal rights, such acquisition shall be exempt from the requirements of Section <br /> <br />\ \COSER VER\DA T A\LEGWP\PBB\ACQUISIThopes.j99 .doc 9 <br />