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people designated by the Fort Hall Business Council." Like other rental pools in Idaho, local water users are given a preference in renting from the tnbal bank. Rules provide "the Fort Hall Indian Irrigation Project water users shall have a right of first refusal to rent any tnbal stored water assigned to the bank.'''' The Tnbe is likely to need a significant portion of its storage water for historically irrigated lands within the Michaud Irrigation Project, so it is not clear how much of the Tnbe's water will be available to lease to the bank. Additionally, the District 1 rental pool has not often rented all available storage. If tnbal bank water is more expensive than District 1 rental pool water, there may be a limited market for water from the tnbal bank unless other advantages, such as the ability to use the water below Milner Dam with no refill penalty, override the price difference." In dry years, such as 1992, little or no water may be available from the District 1 Bank for uses below Milner if current pricing practices are continued It remains to be seen whether the tnbal bank will serve lower river demands in dry years by allowing the price to be set at a market-clearing level. 2.2 EMERGENCY DROUGHT WATER BANKS IN CALIFORNIA: 1991, 1992 AND 1994 2.2.1 Introduction The state of California established emergency drought water banks in 1991, 1992 and 1994. These banks have represented an innovative use of public authority to assist the development of a water rental market. While public entities, including the State of California and the federal Bureau of Reclamation have long played a major role in the allocation and physical transfer of water in California, the reliance of the water banks on voluntary, mutually beneficial transfers of established water rights has been a radical , "'Tribal Rules, at rule 30.02. "Id. at rule 40.01. "Telephone conversation with Ronald D. Carlson (Oct. I, 1993). 2-22 I I I I I I I I I I I I I I - I I I I I