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other hand, gradual accumulation of agricultural water shares by a municipality in proximity to a ditch system, through annexation policies like those of Greeley, obtains a surer result and creates a better relationship between farmers and cities. conservation of water during spring runoff, through carefully planned and located new storage, continues to be a viable and cost-effective alternative to piecemeal disassembly of agricultural reservoir and ditch companies by municipalities. Water exchanges between municipalities and agricultural companies, where the municipalities store out-of-priority and release or replace water at the time of ditch company need, is preferable to drying-up agricultural land. Dry-up of irrigated lands is the usual result of a change-of-water-right proceeding from agricultural to municipal use. Otherwise, continued irrigation of the same land historically supplied by agricultural ditch company shares would cons~itute an illegal expanded use of the water right. Keeping the irrigated lands in production therefore requires a replacement water source that does not cause injury to other water rights. Although dry-up of irrigated lands usually occurs in agricultural water transfers, exchange and augmentation plans, on the other hand, involve creative arrangements to supply the needs of farmers and cities alike. In a semi-arid state like Colorado, exchanges ordinarily involve storage because of the relatively few months in which water becomes available in the natural streams. In Wvominq v. Colorado, 259 U.S. 419, 458 (1922), the United States Supreme Court, referring to the Cache la Poudre River and other Colorado and wyoming streams, observed that the "flow in all streams varies greatly in the course of the year, being highest in May, June, and July, and relatively very low in other months. There is also a pronounced variation from year to year." In 1901, Elwood Mead, testifying before Congress on what -12-