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passage of SB1, there have been no major interbasin transfers
that were subject to the Junior Water Rights Provision.
B. The Corpus Christi Transaction
On January 30, 1997, petitioner filed an application with
the TNRCC for an amendment to its certificate approving an
interbasin transfer of a 35,000 acre-foot portion of petitioner’s
water right to Corpus Christi. In September 1997, the TNRCC gave
public notice of the filing of petitioner’s application. Fifteen
parties, including the LCRA and Austin, filed protests to the
proposed transfer to Corpus Christi. The LCRA did not hold a
public hearing regarding petitioner’s application. As of the end
of 1997, petitioner’s application was still pending with the
TNRCC.
C. LCRA’s Purchase of Petitioner’s Water Right
At the valuation date, the LCRA showed no interest in
acquiring petitioner’s water. The LCRA’s interest was protected
if it could effectively block the approval of an interbasin
transfer of the water by petitioner. In late 1997, after the
enactment of SB1, the LCRA began to analyze a possible
acquisition of the remaining 133,000 acre-foot portion of
petitioner’s water right, as well as petitioner’s dam, pumps,
canals, and other irrigation assets. On December 12, 1997, Mark
Rose, the general manager of the LCRA, met with Mr. Lehrer to
discuss a possible acquisition of petitioner’s assets. On
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