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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />n--.,"g <br />Uj~_~ <br /> <br />The priority date of the consolidated Three Forks conditional water rights is 1972. <br /> <br />A review of the water rights on the Little Snake River (WWC, 1990) shows that there are <br /> <br />few water rights junior to 1972, and most of those are also conditional. Therefore, the <br /> <br />priority is not a significant factor in the value of the water rights for Three Forks. <br /> <br />Water rights in Colorado are real property and may be sold in a manner similar <br /> <br />to other real property but with some significant restrictions. The sale of water rights in <br /> <br />Wyoming are also subject to restrictions and the transfer of an unperfected or conditional <br /> <br />right seems to have more severe restrictions (W.S. 41-3-114). The sale of a water right <br /> <br />for development at its originally proposed location presents little difficulty. <br /> <br />In a general appraisal of a water right such as the Three Forks, there is no defined <br /> <br />use, and therefore the availability of alternative supplies is speculative. <br /> <br />Yield of Consolidated Three Forks Reservoir <br /> <br />As part of the study to determine the effects of Three Forks Reservoir on Little <br /> <br />Snake River stream flow at Lily, the yield of the consolidated reservoir was estimated <br /> <br />~ <br />(WWC, 1990). The firm yield, i.e. available at all times, was estimated to be 58,000 acre- <br /> <br />feet per year. This yield was computed based on streamflow data for the 1930-1982 <br /> <br />period and with Sandstone Reservoir assumed to be in place. The yield was determined <br /> <br />by operating the reservoir and river with the WIRSOS model. <br /> <br />In 1984 the yield of Three Forks Reservoir when operated as an alternative site for <br /> <br />Sandstone Reservoir was estimated to be 90,000 acre-feet per year (SWEC, 1984). The <br /> <br />diligence statements of P & M indicate that the yield is 110,000 acre-feet. The <br /> <br />9 <br />