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<br />boundaries.64 <br /> <br />The 1937 Act contained the following restriction: <br /> <br />Provided, however, that not to exceed an <br />annual average amount of 320,000 acre-feet of <br />water, for any period of five consecutive <br />years, reckoned in continuing progressive <br />series, beginning with the first year of <br />transrnountain diversion of water, shall be <br />transported from the watershed of any and all <br />rivers subject to the Colorado River Compact <br />and the Boulder Canon Act. (U.S.C. Title 43, <br />Sections 617 to 6l7-t) by all districts <br />organized or to be organized under this Act, <br />collectively, until such time as a division <br />of water allocated to the several upper basin <br />states under said Compact has been made under <br />agreement between said states, or otherwise <br />determined.65 <br /> <br />Since the CBT Project was expected to divert 320,000 acre-feet, <br /> <br />this provision effectively precluded any other transrnountain <br /> <br />diversions out of the Colorado River basin by other conservancy <br /> <br />districts. <br /> <br />2. <br /> <br />The Law. <br /> <br />After six years of discussion and negotia- <br /> <br />tion, the l.egislature removed this restriction and replaced it <br /> <br />with the fOllowing provision that is still the law today: <br /> <br />Prov ided, however, tha t any works or <br />facilities planned and designed for the <br />exportation of water from the natural basin <br />of the Colorado River and its tributaries in <br />Colorado, by any district created under this <br /> <br />64Irrigation districts are able only to tax landowners with <br />irrigable acreage within the district to repay bonds. <br />Colo. Rev. Stat. 837-41-121 and S37-42-126(a) .(1973). The <br />broader taxing authority for conservancy districts vastly <br />increased the potential ability to finance water projects. <br />Colo. Rev. Stat. 837-45-121 to 125 (1973 & Supp. 1984). <br /> <br />65Ch. 266 813, 1937 Colo. Sess. Laws 1309, 1325. <br /> <br />27 <br />