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<br />I <br />I. <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Ie <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />Ie <br />I <br /> <br />2809 <br /> <br />Howe recommended that much more serious consideration be given to water banks as permanent ,lOJI'rtL <br />components of state water management frameworks. It was pointed out above that allowing greater \ .(I c;"" ~' <br />price responsiveness to actual supply and demand conditions would increase the efficiency of water /;.J? J_ <br />use through water banks. While this sounds obvious, the actual mechanisms for the setting of prices ~ ~ <br />in water banks (e.g. auctions, pre-set schedules of estimated opportunity costs, one-on-one matching f'P-r:t..fi.~1V <br />of buyers and sellers) need to be much more carefully analyzed. ()/"",~ <br />~, :iJt c'J. <br />[Reference to Howitt, Moore and Smith 1992] (S ~-.n.; <br /> <br />The results of the California Drought Water Bank 1991 are well documented. The following is ~ ur () <br />extracted and summarized from the independent study of the 1991 California bank: ~C)"~v- <br />~ 'lp<;"~ <br />. Of 821,045 af sold and available, 389,952 af were delivered but there was actually ~ <br />about 25% carriage loss resulting in about 520,000 af actually consumed by the <br />system. The reminder is in carry over storage. <br /> <br />. <br /> <br />Deliveries were about 108,000 af less than the April 1 estimated critical needs. <br /> <br />. <br /> <br />Water quality objectives in the Delta region of the central California conveyance <br />system posed operating constraints on deliveries. ~ = <br /> <br />~ <br /> <br />- <br /> <br />. <br /> <br />Yields from lands remaining in production were greater than expected. GS - h. 0 W <br />W ~ tA.Q';\- <br />In agricultural regions: ~ ....\\ b"'::> ~ <br /> <br />. <br /> <br />. <br /> <br />gain in jobs (1,153) III importing regions exceeded loss of jobs (162) in <br />exporting regions <br />income gains ($45 million) in importing regions were greater than loss ($13 <br />million) in exporting regions. This was due primarily to very high value crops; <br />multiplier effects are not included but are available. - <br />effects of land fallowing were very small. - 1.0 S <br /> <br />Water for the environment was available at $50/ AF. There was consensus that more <br />environmental and habitat protections are needed. <br /> <br />. <br /> <br />There were virtually unanimous criticisms of state and federal agencies by sellers <br />concerning lack of cooperation, delays, unfair and capricious practices. Local <br />communities complained that water negotiations were kept secret. <br /> <br />A6-6 <br />