Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 6, 2001
Cadiz Inc.
(Exact name of issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-12114 77-0313235
(Commission File Number) (IRS Employer Identification No.)
100 Wilshire Boulevard, Suite 1600, Santa Monica, CA 90401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 899-4700
Item 5. Other Events.
In July 1998, the Company and Metropolitan approved basic principles and
terms for a 50-year agreement for the Cadiz Groundwater Storage & Dry-
Year Supply Program ("Cadiz Program"), a cooperative water management
effort between Cadiz and the Metropolitan Water District of Southern
California ("Metropolitan"). The principles and terms for agreement
provided that Metropolitan will, during wet years of periods of excess
supply, store surplus water from its Colorado River Aqueduct in the
groundwater basins underlying the Company's eastern Mojave Desert
property. During dry years or times of reduced allocations from the
Colorado River, the previously imported water, together with additional
existing groundwater, will be extracted and delivered, via a conveyance
pipeline, back to the aqueduct and into Metropolitan's service area.
On January 6, 2001, Metropolitan, following extensive negotiations with
the Company to further refine and finalize these basic principles and
terms, submitted definitive economic terms and responsibilities
("definitive terms") for the Cadiz Program to its Board of Directors for
anticipated consideration at its forthcoming January 9, 2001 Board
Meeting. A summary of the definitive terms, as presented to
Metropolitan's Board, is attached as Exhibit 99.1. Until consideration
and action by both the Company's and Metropolitan's Boards, the proposed
definitive terms will remain subject to change.
In addition, execution of a final agreement would be contingent
upon and subject to completion of the ongoing environmental review
process for the Cadiz Program.
Item 7. Exhibits
99.1 Summary of Metropolitan-Cadiz Definitive Economic Terms &
Responsibilities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Cadiz Inc.
By: /s/ Stanley E. Speer
_____________________
Stanley E. Speer
Chief Financial Officer
Dated: January 8, 2001
