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<br />This rather complicated series of transactions would not <br />have been possible without the very public spirited cooperation <br />of 5, rather typical members of what is sometimes viewed the <br />traditional water establishment. The conservancy is optimistic <br />about working out a long term agreement for instream flows at <br />Phantom Canyon. <br />VII. Conclusions. <br />The Nature Conservancy is optimistic generally about the <br />prospects for protecting instream flows under Colorado law as it <br />now exists and believes that the marketplace transactions that <br />are encouraged by Colorado's existing water law, can make a <br />significant contribution. Whether our optimism is justified <br />depends a great deal on how skillfully the Colorado Water <br />Conservation Board negotiates agreements to change and enforce <br />senior water rights for instream purposes. The Board must be <br />willing to obligate itself to the meaningful enforcement of <br />senior water rights which are acquired in the marketplace and <br />offered for instream use, and it must make some tough policy <br />decisions about the conversion of major conditional water rights <br />to instream use. Based on our dealings with the Conservation <br />Board so far, we sense that the Board is ready to embrace this <br />mission and to embrace it vigorously. <br />27