|
<br />..
<br />!
<br />I
<br />
<br />
<br />~.!..-:.
<br />
<br />LSIVERSITY OF COLORADO LAW REVIEW
<br />
<br />(Vol. ji
<br />
<br />i='l~S5ic,ly ~s ;1 result ot :)d~c~!\"e migration that lea....es ;l less capable
<br />pODulation behind,
<br />DIrect diveners and users or return Rows are afforded prQ(ection
<br />,'rom damage under the existing appropriation doctrine. Water can be
<br />taken from current uses only through purchase or condemnation, In
<br />either case, compensat'on would be paid to the direct water users.
<br />Junior appropriators can seek protection against injury during the
<br />court or permir proceedings, Thus. only rour classes of damaged par-
<br />ties porenrially warrant compensation beyond that presently assured
<br />under the prior appropriation doctrine: (I) fUlIlre direce uses nor cur-
<br />rently in place; (2) all unprotected current and future instream uses;
<br />(3) parries indireccly sulfenng employment and income losses from
<br />cunailment of direct and instream uses; and (4) the "public at large"
<br />in the area of origin who experience lower quality public services,
<br />Since many or these values lie in the future, we must equate them
<br />to present values for purposes of determining appropriate compensa-
<br />tion. The procedure for deriving these present values is known as
<br />"discounting. ..~Q
<br />
<br />1
<br />
<br />E. Appropriaee Forms of CompensaClon and Ies Admin/seraeion
<br />
<br />Thus far. it has been .lrgued that the amounr of compensation to
<br />be paid by the parries transferring water out-ot~basin should be the
<br />present value of all current and future losses imposed on unprotected
<br />panies. i,e. those not automatically compensated by sale of water
<br />rights nor protected from injury by the courts, What form should that
<br />compensation take? Generally speaking, the most useful form of com-
<br />pensation would be an unrestricted monetary grant of the appropriate
<br />
<br />5q. .-\ dlJllar no..... h worth mllre than a dollar laler be1.:aLJ:>~ tod;ly'" mon~y ..:an be' l/l...esleQ il,1 ~ome
<br />101ereSl rale. If r is the r;lle of inlerest. the fuwre value FV(I) f ;-oean henceoi:"l Joll.Jrs rccclveQ loda~'
<br />'~llUld be.
<br />
<br />',1) FV{I) = \1 ..... rl'
<br />In Ii'll' ,ell'e. S repre<;<:rIlS lhe "'rrC'\Clnl v:J.lUCI" (PVl of FV(!) 10 be recel~ed f ye.1r( (rom no....., or
<br />JI,"ldlll~ b~ t 1 - d.
<br />
<br />F\.'dl
<br />,:IP\"=-
<br />!] - rl'
<br />
<br />If lhere e'I"I,.1 ..ClquClnl.:e (If fUlUre ~aluC"'. F.....( II. FV{21.. .. FVII), e:.lI.;h 10 be rel.:elvcd tn the Lllrre-
<br />~f'\,"Ull\~ futuro:' ~Clar", ..I rrt"'>c-nl 'alue ,,;.,\11 he o..:llmrU{CcJ for Ihe Clnure ~(quen.:;: blf aJd1rJ~ Ihe )I)dl' IJuJI
<br />JIlnUJ\ ['reo-en! ~oI.IUe'.
<br />
<br />F\ ~ 11
<br />:,!'\ =--
<br />
<br />F\', ~I
<br />,I - : 1
<br />
<br />F\.'(ll
<br />
<br />,~ - 't"
<br />
<br />"l.: " :~,\','" ,.1 lI\ 1[','" 'r",!!: "'I<:ro..:-I I.l\o: . 'f ., JI",'u.'11 r;II," 1 ,,,mle" '\.II "''1fl,'',T_,..t!. hUt 1.'1
<br />:-':'''',1, _1.',':I'f ....Llf:-""O":' 1.1111../ .1"Umlr.!; ~,' ,n::;'(I,III' ..I f:.tlt: III :hc :h... :\1 :t:t1 :'<:r,O"r:1 01":<' I~ :it:f'.cr..lll',
<br />~h'J'-e~ 'n rr":":l1o..:t:
<br />
|