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Finally, nothing in S.B. 216 is intended to create a water right which did not previously <br />exist by virtue of state Supreme Court interpretation of Colorado statute or to affect any <br />pending challenges to applications for rights of this nature to the extent such challenges <br />are found to be meritorious under existing law. Further, nothing herein is intended to <br />modify the rights of owners of real property, including the beds and banks of streams, as <br />such may now exist. <br />