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<br />Admittedly, substituting The Ute Legacy Land and Water Fund for the <br />ALP will generate an array of water right conversion and valuation <br />issues. However, the tools for solving these kinds of issues are well <br />known and heavily used in western water law. Specific examples of <br />how to fairly convert M&I. water rights to irrigation rights, how to <br />adjust for changes in diversion points and return flows, and how to <br />value associated storage rights are common in the five state region of <br />the Colorado River. The feasibility study needs to identify conversion <br />and valuation formulas that are consistent with the. "Law of the River," <br />but. that also fairly appraise both the quantities and nature of the Ute <br />water rights being compensated. The feasibility study should also <br />evaluate the possibility for compensation to the tribes' for the down <br />stream power that could be generated by potential tribal return flows, or <br />primary consumptive water rights that are allowed to run down the river. <br /> <br />It will be important for these formulas to be worked out in advance. <br />This will enable the Tribes to maximize the value of the rights they are <br />trading, and assist them in selecting water rights (and/or land if desired) <br />to be acquired by the fund. <br /> <br />BENEFITS TO THE UTES <br /> <br />. "Wet water" in rivers where it will be useful to them, <br /> <br />. The cost of expensive new delivery systems is avoided, <br /> <br />. Increased ability to protect rivers of Ute cultural importance, <br /> <br />. No burdensome cost sharing or repayment obligations, <br /> <br />4 <br />