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<br />( <br /> <br />i. <br />. <br /> <br />E. <br /> <br />The appraisal of the value of conditional water. <br /> <br />rights for the market may present some <br /> <br />difficult questions: <br /> <br />1. What is the highest and best use of a <br />conditional water right, and how should the <br /> <br />feasibility and permit requirements of the <br /> <br />originally decreed project be considered? <br /> <br />2. Is there another point of diversion where <br /> <br />the conditional water right can be <br /> <br />developed or can it be developed for new <br /> <br />use if it is not feasible to develop the <br /> <br />right as originally decreed, and what is <br /> <br />the market value at the new point or of the <br /> <br />new use? <br /> <br />3. Will the yield of a conditional water right <br /> <br />at a new point of div~rsion or for a new <br /> <br />use be any greater than the yield of a new <br /> <br />.and consequently the most junior <br /> <br />appropriation on the -stream? <br /> <br />4. What development and operating costs must <br /> <br />be incurred to realize the value of the <br /> <br />water right as originally decreed, at the <br /> <br />new point of diversion, or for a new use, <br /> <br />and what interest and other financial <br /> <br />assumptions should be made in estimating <br /> <br />any such costs? <br /> <br />21 <br />