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<br />Section 9. Acquisitions of Edwards Aquifer Groundwater Withdrawal Rights <br />Outside Target Price <br /> <br />Agent is empowered to make groundwater withdrawal rights acquisitions at prices within <br />ten (10) percent of the target prices established by the Management Council. If the Agent <br />proposes an acquisition at a price greater than one hundred and ten percent (110%) of the <br />target price, the Administrator shall canvass the RWRDG participants with outstanding <br />orders to determine which, if any, desire to participate in that specific transaction. If a <br />sufficient number of RWRDG participants wish to participate at the proposed price, the <br />Administrator shall direct Agent to make the acquisition and Administrator shall make an <br />allocation limited only to those RWRDG participants which have affirmatively opted to <br />participate in the transaction. <br /> <br />Section 10. Methods of Edwards Aquifer Groundwater Withdrawal Rights <br />Acquisition <br /> <br />When the Agent makes an acquisition within the volumes and at the target prices <br />established by the Management Council, Agent shall purchase or lease such rights in the <br />name of the Administrator utilizing RWRDG participant funds deposited with the <br />Administrator. Within ten (10) business days of any such acquisition, Agent shall notify <br />Administrator of the terms of such acquisition, which terms shall be maintained in <br />confidence by the Administrator. Agent shall also furnish Administrator with a copy of <br />any documents relating to the acquisition, including, but not limited to the contract for <br />sale, lease or option. The Agent is empowered to make individually-negotiated <br />acquisitions of Edwards Aquifer groundwater rights. Agent further is empowered to <br />acquire rights through an open competitive bid or auction process, the criteria for <br />evaluating responses to which shall be determined by the Management Council. <br /> <br />Section 11. Quarterly Allocation of Edwards Aquifer Groundwater Withdrawal <br />Rights Acquisitions among RWRDG Participants <br /> <br />Subject to the limitations set forth in Section 10, Edwards Aquifer groundwater <br />withdrawal rights acquired by the R WRDG in each calendar quarter shall be allocated to <br />individual R WRDG participants by the Administrator on a pro rata basis according to the <br />percentage of the total outstanding semiannual orders that a particular participant's order <br />represents within that groundwater withdrawal rights acquisition strategy category. A <br />R WRDG participant may modify its outstanding order at the midpoint of the semiannual <br />period (i.e., quarterly) to reflect a different preference for acquisition strategy categories <br />as a consequence of relative success of the various strategy categories during the previous <br />quarter. <br /> <br />Section 12. Prioritization of Allocations of Acquired Edwards Aquifer <br />Groundwater Withdrawal Rights <br /> <br />Allocations of acquired Edwards Aquifer groundwater withdrawal rights shall be <br />prioritized by the Administrator by reference to the following categories: <br /> <br />\ \COSER VER\DA T A\LEGWP\PBB\ACQUISIThopes.j99 .doc 5 <br />