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<br />demands within the District would change with time, and the <br />Directors wished to promote maximum usage of the CBT water. <br />therefore decided to allow individual water users to buy and <br />their CBT allotment contracts on the open market. <br /> <br />They <br />sell <br /> <br />The price for purchase of CBT units, each unit <br />representing 1/310,OOOth of the annual supply of CBT water, is <br />set by the market, with the seller pocketing the purchase price. <br />Transfers of allotment contracts are subject to approval by the <br />Northern District Board of Directors. In practice, transfers <br />from irrigation to municipal or industrial use are routinely <br />granted, after examination of the need for a supplemental water <br />supply by the new user. Transfers from one tract of irrigated <br />ground to different acreage are subject to a determination that <br />the new acreage has,a base supply of water for irrigation and <br />that supplemental water is desirable to adequately irrigate the <br />parcel. Depending upon the crops raised, the classification "of <br />the land, and the delivery pattern, the amount of water allowed <br />from all sources serving the land can vary from 2 acre-free per <br />acre to approximately 5 acre-feet per acre. <br /> <br /> <br />The District allows the yearly rental and exchange of <br />CBT water within its boundaries, in order to provide annual <br />flexibility and meet the needs of the water market as it develops <br />on a short term basis. The quota of water actually delivered <br />under each CBT unit is set each year by the Board of Directors, <br />depending upon the District's base water supply situation. The <br />annual assessment for each unit of CBT water must be paid by the <br />allottee each year. The District's revenue is primarily a <br />combination of yearly assessment and a real property tax of one <br />mill, which was established in connection with ratification of <br />the CBT Repayment Contract by vote of the district electorate in <br />1938. <br /> <br />-18- <br />