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<br />DRAFT <br /> <br />4. To so conserve and make use of these waters for <br />irrigation, power, industrial development, and other <br />purposes, as to create the greatest benefits. <br /> <br />5. To maintain conditions of river flow for the benefit of <br /> <br />domestic and sanitary uses of this water.60 <br />! <br />I <br />.Other conditions of the agreement provided that diversions would <br /> <br />be subject to the provisions of the Colorado River Compact, that <br /> <br />an irrigation system for meadow lands in the vicinity of <br /> <br />Kremmling would be provided, that the domestic water supplies of <br /> <br />Kremmling and Hot Sulphur Springs would be. protected and that <br /> <br />Grand county would be paid $100,000 for estimated loss of tax <br />revenues from the lands to be innundated.61 <br /> <br />The need in Colorado to have en ti ties capable of en ter i ng <br /> <br />into contracts with the Bureau of Reclamation for large water <br /> <br />projects led to the passage of the Water Conservancy Act of <br /> <br />1937.62 <br /> <br />This law permitted creation of special conservancy <br /> <br />districts with authority to tax all property within their <br />boundaries.63 <br /> <br />The 1937 Act contained the following restriction: <br /> <br />provided, however, that not to exceed an <br />annual average amount of 320,000 acre-feet of <br /> <br />60Hobbs, supra note 55 at 9-10. <br /> <br />6lDille, supra note 59, at 16. <br /> <br />62Ch. 266, 1937 Colo. Sess. Laws 1309. <br /> <br />63Irrigation districts are able only to tax landowners with <br />irrigable acreage within the district to repay bonds. <br />Colo. Rev. Stat. 837-41-121 and 837-42-126(a) (1973). The <br />broader taxing authority for conservancy districts vastly <br />increased the potential ability to finance water projects. <br />Colo. Rev. Stat. 837-45-121 to 125 (1973 & Supp. 1984). <br /> <br />26 <br />