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Item 10 <br />Attachment # 2 <br />Page 8 of 11 <br />(a) Transferor shall be entitled to release and return of the Trust Portion of the Permit <br />from the Groundwater Trust and from the operation of this Contract as provided in subsections <br />(b)-(e)• <br />(b) Releases of Conserved Water, if any, shall be made annually in April of each year <br />during the term of this Contract. No later than March 1st of each year during the term of this <br />Contract, the Committee shall report to the Board the amount of Conserved Water reserved in the <br />Aquifer during the previous calendar year and recommend the amount of the Trust Portion of the <br />Permit that is subject to release. In making its recommendations to the Board, the Committee <br />shall consider only the amount of Conserved Water that has been reserved in the Aquifer during <br />the previous calendar year, irrespective of whether the project is a single -year or multi -year <br />project. In the case of multi -year projects, the total amount of Permitted Edwards Groundwater <br />Rights, or groundwater from Exempt Wells, that is expected to be conserved over the life of the <br />project, may be recognized as Conserved Water only on an incremental cumulative basis for <br />each year of implementation of the project. <br />(c) If Transferor has not implemented conservation services, techniques, or measures <br />identified in Section 5.1.3.2 the HCP, and Non- Contributing Participants have Conserved Water <br />that has been determined to have been conserved in the previous calendar year, Transferor shall <br />be entitled to a release of the Trust Portion of the Permit calculated as follows: <br />(Paragraph 4.0(a) initial commitment - previous releases)/(] 0,000 - previous <br />releases) x 50% of the amount of Conserved Water conserved in the previous <br />calendar year by Non - Contributing Participants. <br />(d) If Transferor has additionally implemented one or more of the conservation <br />services, techniques, or measures identified in Section 5.1.3.2 of the HCP, and Transferor has <br />Conserved Water that has been determined to have been conserved in the previous calendar year, <br />Transferor shall be entitled, prior to the release of a part of the Trust Portion of the Permit of <br />another transferor that has not implemented conservation services, techniques, or measures <br />identified in Section 5.1.3.2 of the HCP, to a release of the amount of the Trust Portion of the <br />Permit calculated as follows: <br />Conserved Water conserved in the previous calendar year by Transferor. <br />(e) If Transferor has additionally implemented one or more of the conservation <br />services, techniques, or measures identified in Section 5.1.3.2 of the HCP, and Tranferor and <br />Non - Contributing Participants have Conserved Water that has been determined to have been <br />conserved in the previous calendar year, Transferor shall be entitled to a release of the amount of <br />the Trust Portion of the Permit calculated as follows: <br />[(Paragraph 4.0(a) initial commitment - previous releases) - Conserved Water <br />conserved in the previous calendar year by Transferor] /(10,000 - previous <br />releases) x 50% of the Conserved Water conserved in the previous calendar year <br />by Non - Contributing Participants. <br />8of11 <br />1 1212. 03001/ MHED/ MISC -2/ 1 154963v. 9 Item 10 <br />