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<br />~ <br /> <br />e <br /> <br />'\ in the previously mentioned lawsuits, <br />preval <br />In order for the City of Trinidad to meet the water demands of <br />_ possible growth, it wi I I be necessary to change the type and <br />~uture <br />of use of the water rights that it owns in the MLI. Because <br />p I ace <br />a dependable supply of water is mandatory for municipal use of water, <br />t1e senior water rights must be relied on to a greater extent than <br />is ~ecessary for agricultural water users. <br />In order for the Trinidad Project water to be used for irrigation <br />on the Model Tract, some maintenance and construction work needs <br />It is our opinion that the Trinidad Project wil I not <br /> <br />to be done. <br />deliver adequate quantities of <br />e r'ull 6 177 acre allotment. <br />t:1 , <br /> <br />water to the Model system to irrigate <br /> <br />Valuation of MLI <br /> <br />e <br /> <br />ihe value of the water rights owned by MLI vary according to :he <br />way in which the water rights are used. Senior water rights are more <br />valuable to municipal and industrial users than they are to agricultural <br />Jsers. ihe values of the various water rights owned by MLI were deter- <br />~ined on the basis of the calculated depletions associated with them. <br />T~e value or priority #168 may be affected by the outcome of pending <br />lawsuits. If the water rights are converted to municipal and indus- <br />trial use, the land and facilities owned by MLI have only dry land <br />and salvage values. If the water rights are used Tor agricultural pur- <br />~oses, the value of the land and facil ities are equal to their replace- <br />~ent value discounted for depreciation and other economic real ities. <br />The following valuations were made of the MLI water rights and <br />facilities under municipal, industrial, and agricultural usages: <br /> <br />e <br /> <br />Item <br /> <br />~LI rights on Johns Flood Ditch <br />~LI share of Johns Flood Ditch Co. <br />Va I ue per share of JFO Co. stock <br />Total MLI value (Upper Limit) <br />Value per MLI share (Upper Limit) <br />:otal MLI value (Lower Limit) <br />Jalue per MLl share (Lower Limit) <br /> <br />Municipal and <br />Industrial Usage <br /> <br />Agricultural <br />Usage <br /> <br />S 804,000 <br />rights 494,000 <br />2t040 <br />2,965,000 <br />234 <br />I ,470, 000 <br />116 <br /> <br />$ <br /> <br />210,000 <br />226,000 <br />934 <br />978,000 <br />77 <br />608tOOO <br />48 <br /> <br />r- <br />;l <br />