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<br />,~~': " <br /> <br />.".':-'.1: . <br /> <br />f ' <br /> <br />I <br /> <br />; 1 <br /> <br />. <br /> <br />-18- <br />impression that the "rod" decree can be used in such a way as to <br />just offset the leakage, with the reservoir never reaching the <br />33.5-foot mark. If the 33.5-foot mark is reached and if the 1929 <br />"refill" priority is valid, additional water can be stored. <br />The Company is a mutual non-profit reservoir company, and the <br />owner of each share of stock is entitled to his pro-rata share <br />of the water stored in the reservoir. Not all of the shareholders <br />are located under the Riverside system. Of the 2,505 outstanding <br />shares, 1895-3/4 are owned by the District, which distributes this <br />reservoir water to its District taxpayers under the Riverside <br />Canal. The other 609-1/4 shares are so-called "private rights" <br /> <br />. <br />and are owned by ditch companies and individual farmers under the <br /> <br /> <br />Riverside system or elsewhere in the South Platte Valley. <br /> <br /> <br />Company shares can be, and many are, freely leased on a <br /> <br /> <br />seasonal basis in various areas of the South Platte Valley. How- <br /> <br /> <br />ever, the District attempts to lease as many of the rights avail- <br /> <br /> <br />able each year for its own use. <br /> <br /> <br />For many years the Riverside Company has operated these rights <br /> <br /> <br />on a "variable production" system whereby the value, in acre-feet, <br /> <br /> <br />for each share changed constantly as leakage reduced the available <br /> <br /> <br />water in the reservoir. Recently, for convenience and so that <br /> <br /> <br />the farmers could get a better idea of how much water was avail- <br /> <br /> <br />able to them, the Company has gone to a "steady value" system. <br /> <br /> <br />In 1966, under this system, a Riverside reservoir right, measured <br /> <br /> <br />'at the Riverside Reservoir outlet, was held at a steady value of <br /> <br /> <br />12 acre-feet per company share throughout the irrigating season. <br /> <br /> <br />Those farmers holding "private rights" in the Company reser- <br /> <br /> <br />voir (or who lease or buy "private rights" from other reservoirs) <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />WOODWARD.CL YOe.SHERARD AND A$SOCIAT fS <br />