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<br />Purpose <br /> <br />.f <br /> <br />A basic requirement of plans for the development and Use of water <br />and related land resources is that the Council and its Member <br />Agencies utilize a consistent set of economic standards and criteria <br />in formulation and evaluation. Issuance of agricultural price stand- <br />ards, and other appropriate actions to implement the new principles <br />and standards, will accomplish this objective. <br /> <br />These guidelines provide the price base for evaluating agricultural <br />effects of alternative plans for the development and management of <br />water and related land resources. "Current normalized prices, " <br />as contained herein, are in accord with the "Principles and Standards <br />for Planning Water and Related Land Resources. " <br /> <br />Authority <br /> <br />The authority for these guidelines is set forth in the Water Resources <br />Planning Act (P. L. 89-80) and by the adoption of the Council's <br />"Principles and Standards for Planning Water and Related Land <br />Resources," as published in the "Federal Register, " September I 0, <br />1973. <br /> <br />Section C, FR-24783, of the Principles states: <br /> <br />Ii <br />j <br /> <br />"When prices are used in evaluation they should reflect <br />the real exchange values expected to prevail over the <br />period of analysis. For this purpose, relative price <br />relationships and the general level of prices prevailing <br />during the planning study will be assumed to hold gener- <br />ally for the future, except where specific studies and ~.?' <br />considerations indicate otherwise." ..90 <br /> <br />Section C, FR-24821, of the Standards states: <br /> <br />"The prices of goods and services used for evaluation <br />should reflect the real exchange values expected to <br />prevail over the period of analysis. For this purpose, <br />relative price relationships and the general level of prices <br />for outputs and inputs prevailing during or immediately <br />preceding the period of planning generally will be used as <br />representing the price relationships expected over the life <br />of the plan. Exceptions to the general rule will occur when <br />