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,.,'., {, QC:'lC9 I', ' ',' I~tl: 't'.': i" f tne governing board of such a district challenges in court the proposed transfer at all times, never stipulating to any such decree of e%tra district transfer and never dropping out of tne proceedings. ( !" Any final conditional decree subject to the election requirement of this measure and not approved by the voters vould be contingent, so that no transfer of vater may occur pursuant to the decree until voter approval is obtained. l, iater conservancy and vater conservation districts in this measure include all political subdivisions of the state referred to in lavas such prior to the effective date of the measure and to any governmental units vith substantially similar statutory purpose and function vhich !Day be created in the future. The measure vould have a direct fiscal impact on any vater conservation district or vater conservancy district that had to pay for required elections. The amount vould depend on the number of elections actually required and cannot be know at this time. Districts might also incur more legal fees in challenging additional vater transfe,rs. ' In addition, since the' vater rights subject to voter approval can be considered 'property rights', districts may have to compensate vater right ovners' vho sue based on the diminisned value of the rignt if a transfer is not approved' by the voters. The e%act dollar amount of these impacts in unknow but may be significant. In addition, vhile the fiscal impact of this measure on local governments is not subject to precise calculation, it may have a significant fiscal ilDpact if it has the effect of increasing the price of agricultural and manufacturing vater rights. Agricultural vater rights are estimated to constitute betveen 80 and 90% of total appropriated vater rights in Colorado. During periods of drougnt a higher preference category of vater rignt can 'call' water that would othervise be available for use by a right vith lover preference. Because agricultural "ater rights vould no longer be subject to 'call' for domestic purposes, local governments supplying vater to domestic users may nave to lease rignts to agricultural vater in times of diminished domestic supplies. This demand could increase the value of agricultural vater and the costs for local governments to," access such supplies. Domestic users "ould continue to have the option of 'calling' the 3% of vatllr which is used for manufacturing purposes.. If the market demands proportionately more of this minor sector of vater supplies, the value of manufacturing vater rights may also increase substantially and affect the cOStS of local governments supplying water to domestic users according. 3/16/94 Rehearing Adjourned 5,10 p.... l