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•A conditional water right is typically obtained prior to <br />investment into construction of a new reservoir. <br />•Once constructed, the actual physical capacity may differ <br />from the decreed capacity. <br />•If the physical capacity is less than the decreed capacity, <br />then the allowed amount of fill will be based upon the <br />physical capacity rather than the decreed capacity. <br />•When physical capacity is greater than decreed capacity, a <br />fill is based upon the decreed capacity.