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<br />DRAFT <br /> <br />the price paid (if any) for the water rights involved in the <br /> <br /> <br />transfer. The relevant categories of lost income and amenities <br /> <br /> <br />are: <br /> <br />(a) Future net income that would be generated directly <br /> <br /> <br />and indirectly in the basin by future diversion uses of <br /> <br /> <br />currently unused waters; <br /> <br /> <br />(b) Current and future values and incomes associated <br /> <br /> <br />with instream uses; and <br /> <br /> <br />(c) Losses to the general public from deterioration of <br /> <br /> <br />public services and quality of life. <br /> <br /> <br />2. Compensation should not be restricted to construction of <br /> <br /> <br />water storage nor to funds that are restricted to that final <br /> <br /> <br />use. Payment should be made to agencies not faced with this <br /> <br /> <br />constraint if possible. <br /> <br /> <br />3. Compensation should not aim at keeping the price of <br /> <br /> <br />water to the user below its real scarcity value in the state. <br /> <br /> <br />4. If water storage is the most efficient form of compensa- <br /> <br /> <br />tion from the area of origin's viewpoint, construction of the <br /> <br /> <br />. storage facilities should be delayed until they are actually <br /> <br /> <br />needed. The needed money payment would be the present value of <br /> <br /> <br />the construction costs. <br /> <br /> <br />5. The amount of compensation that should be paid to losing <br /> <br /> <br />parties should be based on the assumption that those parties will <br /> <br /> <br />act rationally to adapt to the new water supply situation, <br /> <br /> <br />Le. that they will undertake all cost-effective steps to <br /> <br /> <br />minimize their income losses in the face of diminished water. <br /> <br />52 <br />