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<br />( <br />, <br /> <br />right "relates back" to the first step. <br />"The doctrine offers the security of <br />priority needed to plan and finance major <br />water projects, particularly long range <br />municipal and industrial water plans." <br />Hallford, Conditional Water Rights at 353. <br />See Metropolitan Suburban Water Users v. <br />Colorado River Water Conservation District, <br />365 P2d 273, 285 (Colo. 1961). <br />3. Conditional water rights might be viewed as <br />a kind of private system of water <br />development planning, with the earliest <br />plan, as tested against the standards of a <br />bona fide plan of beneficial water use and <br />diligent progress toward such use, being <br />sanctioned by the state. In terms of the <br />most economic, efficient, or optimal public <br />allocation of water, the first proposed <br />plan may not be the best one. But it may <br />nevertheless enjoy the doctrine of relation <br />back, and since the plan also constitutes <br />transferable property, the problem of a <br />less than optimal allocation can be <br />addressed in a private market transaction. <br />In effect, one test of whether a later plan <br />is clearly better is whether it can buyout <br /> <br />3 <br />