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<br />,'... ",. <br />.. . ~:;.. ..."I~.\ '. <br />O'll0116 <br /> <br />focusing on enforcement of current water right <br />limitations regardless of 5B 24. <br /> <br />E. Uncertainty in Determining the Value of Conserved Water <br /> <br />1. The allocation of a water right for conserved water will <br /> <br /> <br />not occur for several years following completion of a <br /> <br /> <br />conservation project. Projects may require outside <br /> <br /> <br />sponsors because the sale or use of conserved water does <br /> <br /> <br />not provide immediate financing for the conservation <br /> <br />measure. <br /> <br />2. Many farm operations are economically marginal or <br /> <br />heavily indebted. The initial financing will be difficult <br /> <br /> <br />even if the owner desires to carry out a project. <br /> <br />VI. Future of the Oregon Water Conservation Law <br /> <br />A. Opportunities for Additional Proposals <br /> <br />1. While response to the program has been limited, we <br /> <br /> <br />believe there still may be situations in which allocation <br /> <br /> <br />of conserved water to new lands or uses will provide an <br /> <br />incentive. <br /> <br />2. In the Deschutes Basin, we believe that return flows <br />come back to the river near two major reservoirs which <br />will dampen any possible effects of conservation. <br />Another factor which leads us to believe that conserved <br />water could be allocated is the large quantity of water in <br />the river downstream of the reservoirs. <br /> <br />13 <br />