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Index: January
2004 - Current (WS Published monthly)
Index: January
1999 - December 2003 (WS published monthly)
Index: January
1990-December 1998 (WIM published monthly)
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Summer/Fall 1998 Transactions - Special Issue
This special issue of WS provides details on the
transactions referenced in the February 1999 WS Annual Transaction Review as SUMMER/FALL
1998. This issue substitutes for Volume 12, No.2 and Volume 12, No.3 issues of WS.
TOP
Spring 1998, Volume 12, No. 1
"The Bay Delta: Can We Reach Agreement?"
Presents commentary on CALFED by long-term participants in the Bay Delta process. Reaching
a viable solution requires identifying technical solutions and assigning responsibilities
for payments and risks.
1997 Annual Finance Review
Summarizes the results of the 490 bonds issued in 1997 to raise $7.3 billion for public
western water investments. 1997 was the fourth consecutive year of record volumes.
Finance Update
Examines the results of the 112 bonds issued in the first quarter of 1998 raising $1.6
billion.
Legislative Update
Discusses a California Appellate Court decision addressing claims that an owner diverted
more water than his rightful share and used water unreasonably and wastefully.
Transaction Update
Describes a total of 51 transactions reported during the first quarter. CBT prices
continue their upward trend. The Lower Colorado River Authority purchases the assets and
water rights of the Garwood Irrigation company in the largest-dollar acquisition of water
rights in Texas history.
TOP
Fall 1997/Winter 1998, Volume 11, No. 3,4
"Water Won't Always Be a Public Utility"
Explains why, in the long-term, the worldwide privatization wave will finally break onto
western U.S. shores. The pressures for change include the need for significant capital
investments and management skills. Privatization is not a simple antonym of public
ownership. Through cooperative ventures, the private sector can bring the financial
resources and expertise to assure efficient and reliable water service.
1997 Annual Transaction Review
Heralds the arrival of water markets in California with the release of the historic
long-term conservation and transfer agreement between the Imperial Irrigation District and
the San Diego County Water Authority. The 157 transactions tracked by WS in 15 western
states also shows the broadening of the market to address public trust issues, most
notably in the Pacific Northwest.
Finance Update
Describes the results from the 150 bonds issued in the third quarter and the 140 bonds
issues in the fourth quarter to fund public investments in western water. Financing
activity finished 1997 strongly, fueled by the continued buoyancy of the economy and low
interest rates.
Litigation Update
Discusses a 9th Appellate Court decision rejecting environmental challenges to
agreements governing rights to water stored behind hydroelectric dams on the Columbia
River system in Canada.
Transaction Update
Describes the results from 28 transactions in the third quarter and 45 transactions in the
fourth quarter. Transactions have erupted in California. CBT units in Colorado continue
their trend of rising values. The Nebraska Chapter of the Nature Conservancy acquired land
and appurtenant groundwater rights to retire land from irrigation and establish habitat
for endangered and rare species.
TOP
Summer 1997, Volume 11, No. 2
"Reclaimed Western Water"
Discusses three factors states have contributed to the successful emergence of reclaimed
water markets: setting of clear legal rules, educating the public, and letting the market
work. Not only are public subsidies not helpful in promoting the use of reclaimed water,
they are in fact counterproductive.
1997 Annual Legislative Review
Discusses what happened to the 85 state water bills tracked by WS this year. Legislatures
considered an unusual number of finance bills. They also focuses on establishing
frameworks to resolve local problems and public trust issues.
Finance Update
Describes the results from the 116 bonds issues to raise $1.12 billion in the second
quarter. Activity in the bond market for water continued to slide.
Litigation Update
Reports on a Washington Supreme Court decision concerning challenges to irrigation rights
adjudicated in the general adjudication in the Yakima River Basin. The Court remanded a
trial court decision to investigate claims that the Yakima-Tieton ID has not beneficially
used its water and forfeited a portion of its water right through abandonment or voluntary
nonuse.
Transaction Update
Describes the 43 transactions tracked by WS in the second quarter. CBT prices continued to
increase - the highest price almost reached $3,000/unit. California abounded in numerous,
generally short-term transactions involving surplus water. The Oregon Water Trust remained
active in acquiring water for instream flows.
TOP
Spring 1997, Volume 11, No. 1
"Agreement Reached on Platte River"
Examines the recently announced plan to restore habitat on the Platte River for endangered
and threatened species. The agreement is a product of three years of negotiations among
the department of the Interior, Colorado, Nebraska, Wyoming, and interested parties.
1996 Annual Finance Review
Summarizes the results of the 479 bonds issued in 1996 to raise $6.7 billion for western
water projects. Interest costs continued falling, while underwriting spreads rose slightly
from their record low in 1995.
Finance Update
Examines the results of the 78 bonds issued in first quarter 1997 raising only $1.37
billion (one-third less than raised in first quarter 1996.)
Legislative Update
Summarizes 80 major bills introduced into this year's legislative sessions. The busiest
topics are water rights and finance. State legislatures are also examining changes in
instream flow legislation and state endangered species programs.
Litigation Update
Discusses Colorado Supreme Court decisions concerning Denver's rates for extraterritorial
water service and the right of a shareholder to obtain a mutual shareholder list to
investigate the possible sale for rental of shares.
Transaction Update
Describes a total of 33 transactions reported during the first quarter. CBT prices
continue their trend upward. Berrenda Mesa Water District continues to market portions of
its entitlement to California's State Water Project.
TOP
Winter 1997, Volume 10, No. 4
"'ESP' Valuation of Water Contracts"
Presents a financially sound method for estimating the value of water for any type
of the complex contractual arrangements commonly found in water transactions. All other
methods used in financial valuations of water agreements seen by WS are
seriously flawed. Unless the practices in the water industry change to adopt an "ESP
standard", discussions about water transactions will remain confused and convoluted.
Chaos will reign.
1996 Annual Transaction Review
Summarizes the trends from the 142 transactions tracked by WS last year.
Many landmark transactions occurred, including the broadening of the scope of the market
to address public trust purposes.
Finance Update
Reviews the results from the 145 bonds issued raising $2 billion in the fourth quarter of
1996.
Litigation Update
Discusses a Nebraska Supreme Court decision upholding the constitutionality of the
state’s permitting of interstate transfers of groundwater.
Transaction Update
Discusses the 35 transactions tracked by WS last quarter. Notable
transactions include acquisition of CAP entitlements by the City of Scottsdale, one-year
leases of "free production allowances" within the Mojave Water Agency, and an
extension of an option to purchase water rights in Oregon for instream flow purposes.
TOP
Fall 1996, Volume 10, No. 3
"On Groundwater Control and
Markets: Managing the Edwards Aquifer"
Examines how the Edwards Aquifer Authority can meet the unprecedented challenges facing
the management of the Edwards Aquifer in South Central Texas. By establishing a thoughtful
system of transferable pumping rights, the EAA can find the solution to its region’s
long-standing and intensifying water problems.
1996 Annual Legislative Review
Discusses what happened to the 59 state water bills tracked by WS this year. The
relatively few bills considered and passed reflect, in part, the stalemate in several
legislatures.
Finance Update
Describes the results from the 110 bonds issued to raise $1.23 billion in the third
quarter. Bond activity remained quiet largely because refinancings fell.
Litigation Update
Reviews a Washington Appellate Court holding that a landlord had the duty to supply his
tenant with uncontaminated irrigation water, and an Utah Supreme Court decision rejecting
a challenge by minority shareholders of a mutual irrigation company to a change in the
point of diversion application filed by the company.
Transaction Update
Discusses the 31 transactions tracked by WS in the third quarter. CBT prices
continued to increase, ranging from $1750/unit to $1900/unit. Notable transactions include
continued acquisitions activity by the Mojave Water Agency in California, and acquisitions
to augment stream flows by the Bureau of Reclamation in Idaho and Washington and by the
Oregon Water Trust.
TOP
Summer 1996, Volume 10, No.2
"Water Marketing in the Northwest: Learning
by Doing" by Zach Willey and Adam Diamant
In their guest article, Willey and Diamant examine the progress of water marketing in the
Pacific Northwest. The long-term potential for marketing transactions is great, including
the prospect for interstate transactions. The authors summarize the efforts by the
Environmental Defense Fund and others to jump start deals.
1995 Annual Litigation Review
Discusses the 44 federal and state decisions tracked by WS in 1995. Courts
remain the forum of both last and least resort to resolve disputes over the allocation of
western water.
Finance Update
Reviews the results from the 133 issues that raised $1.21 billion in the second quarter
and reports on the three of the six proposed state finance bills tracked by WS
this year.
Legislative Update
Describes the fate of the 59 bills tracked by WS on water transfers
conservation, water rights, quality, groundwater, public trust, and planning/policy.
Litigation Update
Discusses the Texas Supreme Court decision upholding the constitutionality of the Edwards
Aquifer Act creating the Edwards Aquifer Authority.
Transaction Update
Discusses the 36 transactions tracked by WS in the second quarter. IID and
SDCWA release a summary of draft terms for their historic, long-term water conservation
and transfer program. CBT prices averaged above $1650/unit.
TOP
Spring 1996, Volume 10, No. 1
"Salinity of Colorado River Water:
Causes, Consequences, and Remedies"
Examines the causes, consequences, and remedies of salinity. With the march of salinity
levels to historically-high levels, anticipate greater emphasis on economic incentives in
selecting salinity control projects and stricter scrutiny of reservoir operations as
attention is turned to the beneficial impact of reservoir storage and river flows.
Especially for agricultural communities, they will find the foundations of their local
economies threatened by proposed changes in reservoir operations.
Finance Annual Report for 1995
Reports on the bond market results from the $4 billion in new money and the $1 billion in
refinancings raised in 1995.
Finance Update
Reviews the results from the 112 issues that raised $2.2 billion in the first quarter of
1996 and examines six proposed state finance bills.
Legislative Update
Describes the 60 state bills tracked by WS this year.
Litigation Update
Discusses a U.S. district court decision upholding the award of punitive damages for
landowners who suffered from groundwater contamination.
Transaction Update
Discusses 26 transactions tracked by WS in the first quarter of 1996. CBT
prices were above $1600/unit, with two of the seven transactions above $1700/unit.
TOP
Winter 1996, Volume 9, No. 4
"SEC Warning: Disclosure Obligation and
Director Liability"
Discusses recent SEC actions putting water agencies and their governing boards on notice
concerning their disclosure obligations when they issue municipal securities. Unless the
SEC warning is heeded, water agency staff and directors may find themselves in violation
of the antifraud provisions of federal law.
1995 Annual Transaction Review
Summarizes the trends from the 120 water transactions tracked by WS last
year. The pro-marketing sentiment of state policy spurred the pace and scope of trading.
Emerging Water Shortages on the Colorado River
Explains the logic behind the "iron law of growing water demands and worsening supply
reliability". It offers projections of the frequency and severity of future water
shortages on the Colorado River and what can be done to avoid them.
Finance Update
Reviews the results from the 129 bonds issued raising $2 billion in the fourth quarter of
1995.
Litigation Update
Reviews another federal district court decision concerning the allocation of CVP water and
a Texas appellate court decision on aquifer storage and recovery.
Transaction Update
Discusses the 30 transactions tracked by WS last quarter. CBT prices
averaged $1628/unit. Notable transactions include negotiations between the Imperial
Irrigation District and the San Diego County Water Authority of a major long-term
conservation and transfer agreement of Colorado River water and the final transfer
agreement of the McMicken Irrigation District’s CAP allocation to municipalities.
TOP
Fall 1995, Volume 9, No. 3
"Meeting the Challenge: Arizona’s
Water Recovery"
Examines the challenges Arizona faces concerning the Central Arizona Project: short-term
under-utilization and long-term unreliability of the CAP entitlement. Recent reforms have
turned around the decline in project deliveries related to the economic problems
confronting agricultural contractors. With the implementation of Arizona’s proposed
storage program, Arizona would achieve its long-standing objectives to protect and fully
utilize its Colorado River entitlement.
1995 Annual Legislative Review: Strengthening
Water Rights Systems
Discusses what happened to the 139 state water bills tracked by WS this
year. The major theme was strengthening water rights. Policy and planning issues were the
next popular topic.
Finance Update
Describes the results from the 103 bonds issued to raise $1.4 billion in the third
quarter. With interest rates falling once again, the amount of refinancings almost
doubled.
Litigation Update
Reviews the U.S. Supreme Court decision concerning the 1945 decree apportioning water from
the North Platte River, and a U.S. Appellate Court decision concerning water claims by the
Shoshone-Bannock Tribes of the Fort Hall Reservation in Idaho.
Transactions Update
Discusses 28 transactions tracked by WS in the third quarter. CBT prices
averaged $1612/unit. Notable transactions included the purchase of present perfected
rights in the Lower Colorado River basin and Acquisitions in Idaho and Montana of water
for instream flow purposes.
TOP
Summer 1995, Vol. 9, No. 2
Pro-Active Management of Future Risk:
Integrated Resource Planning
Examines the new planning tool of western water agencies, Integrated Resource Planning.
The article describes the heritage, examines the critical elements, and provides a
checklist that board members and customers of water agencies can use to assess a specific
IRP. Examples are taken from Phase 1 of the Southern Nevada Water Authority’s IRP,
perhaps the most innovative of the on-going IRP processes in the western states.
1994 Annual Litigation Review: Indian Water
Rights, Groundwater and Public Interest Top Agenda
Discusses the 46 federal and state decisions tracked by WS in 1994. Like
decisions in 1993, Indian Water Rights, groundwater, and public interest issues topped the
courts’ agendas.
Finance Update
Reviews the results from the 118 issues that raised $1.08 billion in the second quarter
and reports on the twelve proposed state finance bills introduced earlier this year.
Legislative Update
Describes the fate of the 137 bills tracked by WS on water transfers,
conservation, water rights, water quality, groundwater, public trust, and planning/policy.
Transaction Update
Discusses the 34 transactions tracked by WS in the second quarter. CBT
prices averaged $1,595/unit. Taking advantage of new state rules, the Oregon Water Trust
entered into one-year leases for instream flows in five different river basins.
TOP
Spring 1995, Volume 9, No. 1
"Troubled River"
Examines the final work product by the Lower Colorado River Basin Technical Committee to
find a "regional solution" to the emerging economic and environmental demands on
the lower Colorado River. The article compares selected provisions of Reclamation’s
draft regulations with the Committee’s deliberations. The reasons for why the
Committee proved unsuccessful suggest that planned discussions among selected
"principals" may become a forum for gridlock
Finance Annual Report for 1994: Activity Falls
as Interest Rates Rise
Reports on the bond market results from the $3.22 billion in new money and the $1.62
billion in refinancings raised in 1994.
Finance Update
Reviews the results from the 65 issues that raised $539.4 million in the first quarter of
1995 and examines twelve proposed state finance bills.
Legislative Update
Describes the 127 state bills tracked by WS this year.
Litigation Update
Discusses an appellate court decision in California that concluded state law has not
preempted local groundwater regulation.
Transaction Update
Discusses the 33 transactions tracked by WS in the first quarter of 1995.
CBT prices remain at their fourth quarter 1994 levels. Overdrawn aquifers spurred
transactions in Kansas and Washington.
TOP
January 1995, Volume No. 8, No. 4
"California Truce: The Bay Delta
Agreement with Club Fed"
Discusses the December 1994 agreement among stakeholders in California’s Bay Delta
and the consequences of the new proposed water quality standards. The agreement is an
important milestone in the twenty-year plus saga concerning the conflict between water
exports and environmental values. The road to the agreement illustrates the weakness of
relying upon the traditional hearing process to establish standards when the economic and
environmental consequences are poorly understood.
"Arizona’s Proposed Water Bank: a
Management Tool for the Future"
Written by Rita Pearson, Director of Arizona Department of Water Resources, this article
outlines the policy argument for Arizona exerting regulatory control over its Colorado
River entitlement.
1994 Annual Transaction Review: Markets
Expanding To New Areas
Summarizes the trends from the 163 water transactions tracked by WS last
year. Transactions are expanding into new areas, including groundwater and effluent.
TOP
October 1994, Volume 8, No. 3
"Indian Water Marketing: A Realizable
Vision?"
Explores the two conditions required for tribes to become important participants in
western water markets: legal authority and tribal institutional capacity. Neither case law
nor prior Indian water rights settlements recognize an unqualified right to market Indian
water off-the-reservation. Unless tribes develop the institutional capacity to trade
(working capital, planning, risk-taking, and patience), Indian water marketing will remain
an unrealizable vision.
"The Law of the Colorado River: Carefully
Planning to Drive Off the Cliff" by Tom Jenson
In this article, Jensen, executive director of the Grand Canyon Trust, presents hydrologic
scenarios which will challenge current users of Colorado River water.
1994 Annual Legislative Review: Transfers
Remain Controversial
Discusses what happened to the 151 state water bills tracked by WS this
year. Transfer bills remained controversial, especially those addressing inter-basin
transfers. Planning and policy issues were the most popular subject, followed by finance
issues.
Finance Update
Describes the results from the 121 bonds issued to raise $1.49 billion in the third
quarter, a 44 percent increase over the volume issued in the third quarter of 1993. With
interest rates edging upward, refinancings have dwindled.
Litigation Update
Reviews the Colorado Supreme Court decision affirming the denial of American Water
Development Inc.’s application for non-tributary ground water in the San Luis
Valley, and a Utah Supreme Court decision concerning restrictions on the transferability
of shares in a mutual irrigation company.
TOP
July 1994, Volume 8, No. 2
"Water Banking: Facilitator of Trade or
Mechanism of Control?"
Examines the many possible objectives of water banks. While WS believes that
existing banks have played an important role in water allocation, it is not sanguine about
the prospects for success of the recent banking proposals concerning the Lower Colorado
River Basin.
Annual Litigation Review: Indian Water Rights,
Groundwater and Public Interest Top Agenda
Discusses the 54 federal and state court decisions tracked by WS. Indian
water rights, liability for groundwater contamination, groundwater regulation, and public
interest considerations top the agenda.
Finance Update
Reviews the results from the 99 issues that raised $1.033 billion in the second quarter of
1994 and examines 28 proposed state finance bills.
Legislative Update
Describes the fate of the 151 bills tracked by WS on water transfers,
conservation, water rights, water quality, groundwater, public trust, and planning/policy.
Litigation Update
Discusses a Kansas Court of Appeals decision invalidating an unusually stringent water
conservation goal as a condition of approval for a water transfer application, and
examines a California Court of Appeals decision concerning the proper basis for levying
replenishment assessments in an adjudicated groundwater basin.
The Economic Value of Stored Water: A Lesson
from the Palo Verde/MWD Agreement
Reports estimates of the high value MWD places on water available when there is not
sufficient surplus Colorado River water to keep its aqueduct full.
TOP
April 1994, Volume 8, No. 1
"Deconstructing the Colorado River: Part
II"
Is the second article in a two-part series on the allocation of Colorado River water. It
reviews the May 6 release of Reclamation’s draft "Regulations for Administering
Entitlements to Colorado River Water in the Lower Colorado River Basin." The
regulations would broaden the scope of potential markets for water transactions and expand
the use of economic principles in regulatory decision-making.
1993 Annual Bond Market Review: Another Record
Set for Total Volume
Reports on the $4.99 billion in new money and the $7.76 billion in refinancings in 1993
for water projects in the western states.
Finance Update
Reviews the results from the 156 issues that raised $1.69 billion in the first quarter of
1994 and examines eighteen proposed finance bills.
Legislative Update
Describes the 100 state bills tracked by WS this year.
Litigation Update
Examines a ninth federal circuit opinion concerning the allocation of water from the
federal Central Valley Project in California. The court held that neither federal law nor
contracts required Reclamation to satisfy the needs of San Luis contractors in preference
to the holders of downstream water rights.
TOP
January 1994, Volume 7, No. 4
"Deconstructing the Colorado River: Part
I"
Is the first article in a two-part series on the economic stresses on the allocation of
Colorado River water and the implications of the two most prominent federal actions in the
immediate future: the designation of critical habitat and the pending release of
regulations for administering entitlements to Colorado River water in the Lower Colorado
River Basin.
1993 Annual Transaction Review: Drought Over
But Markets Still Active
Summarizes the trends from the 171 water transactions reported during 1993 in Water
Intelligence Monthly. Drought and environmental concerns have aroused markets in all
regions.
Finance Update
Reviews the results from the 178 bonds issued to raise $2.84 billion in the fourth quarter
of 1993.
Litigation Update
Reviews a Utah Supreme Court decision holding that a mutual shareholder may not file a
change of diversion application without the company’s consent.
TOP
October 1993, Volume 7, No. 3
"Acreage Limitations Revisited: The NRDC
v. Beard Settlement"
Examines the September 1993 settlement between environmental groups and advocates of small
family farms and the Department of Interior concerning federal rules on the pricing of
federal project water. The settlement promises to be the first step in a major
transformation of federal water policy for all western states. Reclamation agrees to
prepare an EIS concerning the implementation of the Reclamation Reform Act of 1982. which
will explore a vast array of policy alternatives. The changes may have a substantial
effect on the economics of irrigated acreage, primarily on agricultural land values and
the organization of farm business, and secondarily, if at all, on water use.
1993 Annual Legislative Review: Reinventing
State Water Rights Systems
Reviews what has happened to the 203 state water bills tracked by WS this year.
Most enacted legislation concerned changes in the administration of water policy and
planning responsibilities, in clarifying the definition of and in protecting water rights,
and in public trust. Water quality and water conservation were much lower legislative
priorities this year.
Finance Update
Describes the results from the 176 bonds issued to raise $3.29 billion in the third
quarter. Refinancings accounted for almost two-thirds of total volume. Water financings
continue to pay rates below the Bond Buyer Index.
Litigation Update
Reviews a Colorado Supreme Court decision concerning the United State’s intent to
appropriate water for the Dominguez Reservoir Project and a California appellate court
decision upholding the constitutionality of fees imposed only on direct dischargers of
pollution from point and nonpoint sources.
TOP
July 1993, Volume 7, No. 2
"Texas Regulates the Edwards
Aquifer"
Examines legislation passed to control overdraft of the Edwards Aquifer. The new authority
will manage groundwater to meet growing water demands, while avoiding draconian actions
many feared were necessary under the federal Endangered Species Act.
1992 Annual Litigation Review: Indian Rights
and Environment Top Agenda
Reports on the 52 federal and state court decisions tracked by WS concerning
federal issues, fees & assessments, liability, local powers, and state water rights.
Indian water rights and the environment topped the judicial agenda.
Finance Update
Reviews the results from the 191 bonds that raised a record $3.39 billion in the second
quarter of 1993.
Legislative Update
Describes the fate of the 200 bills tracked by WS on water transfers,
conservation, water rights, water quality, groundwater, public trust, and planning/policy.
Litigation Update
Reviews a Washington Supreme Court decision on the reserved water rights of the Yakima
Indian Nation. It was based on the treaty establishing the Nation, subsequent
Congressional actions and a court settlement, rather than judicial interpretation of the
reserved rights doctrine.
TOP
April 1993, Volume 7, No. 1
"The Forgotten Economics of Water
Trades"
Examines how the economic risks of water trades should shape the organization of water
trades. It concludes that growers should jointly negotiate with buyers through a trading
organization funded by private investors.
1992 Annual Bond Market Review: Record Volumes
Invested in Western water Projects
Reports on the $5.36 billion in new money and the $4.09 billion in refinancings in 1992
for water projects in the western states.
Finance Update
Reviews the results from the 124 bonds that raised $3.21 billion in the first quarter of
1993.
Legislative Update
Describes the 141 bills tracked by WS this year.
Litigation Update
Reviews a Nebraska Supreme Court decision holding that neither a state endangered species
act nor the public interest standard for review of permit applications violated the
constitutional right to divert unappropriated waters.
TOP
January 1993, Volume 6, No. 4
"Aftermath of Congressional Water War:
Restructuring the CVP"
Reviews the major provisions of the Central Valley Project Improvement Act, which
provides a first-hand glimpse into the realities of the new era of western water policy.
Like a successful hostile takeover, reformers may find restructuring the CVP more
difficult in practice than in theory. The act may reduce substantially the trading value
of CVP water, which may become demoted to the status as a short-term, unreliable source of
water. The law of unintended consequences may once again prevail.
1992 Annual Transaction Review: Drought
Stimulates Contractual Innovation
Summarizes the trends from the 146 water transactions reported during 1992 in Water
Intelligence Monthly. The drought continues to stimulate contractual innovation.
Denver Negotiates Win-Win Water Deal
Describes the complex agreements used by west slope interests and Denver to revolve
disputes over Dillon Reservoir and to finance the construction of Wolford Mountain
Reservoir.
Finance Update
Reviews the results from the 145 bonds issued to raise $2.7 billion in the fourth quarter
of 1992.
Litigation Update
Reviews a federal district court decision interpreting the 1935 Globe Equity Consent
Decree concerning the water rights of the Apache and other Indians on the San Carlos
Indian Reservation.
TOP
October 1992, Volume 6, No. 3
"Bush and Clinton State Positions on
Water"
Provides insight into western policy during the next administration. In a statement
especially prepared for WS, President Bush indicates that his next
administration would be guided by the recently released Bureau of Reclamation’s
Strategic Plan, Interior’s water marketing policy, and deference to state law.
Judging by materials provided by the Clinton campaign, western water policy would be
initially perceived as an issue of environmental policy and infra-structure finance.
1992 Annual Legislative Review: Public Trust
Tops Agenda
Examines what has happened to the 113 major state water bills tracked by WS
this year. Legislatures shifted priorities, with more emphasis on public trust and less on
water quality.
"CAP Under Economic Stress: Task Force
Reports on Work-out Alternatives"
Discusses the report from the Governor’s Task Force on Central Arizona Project
Issues. As CAP agricultural districts near bankruptcy and CAP deliveries plummet, there
are no easy solutions.
Finance Update
Reviews the results from the 145 bonds issued to raise $2.6 billion in the third quarter.
Litigation Update
Reviews the most recent decision by the Wyoming Supreme Court concerning reserve water
rights of the Shoshone and Arapahoe Tribes on the Wind River.
TOP
July 1992, Volume 6, No. 2
"Agent of Change: The Bureau of
Reclamation’s New Strategic Plan"
Describes the Bureau of Reclamation’s recently released Strategic Plan. The Plan will
guide the bureau’s preparation of annual programs and budgets into the 21st century.
All parties with a stake in western water must become familiar with the Plan and the
bureau’s ongoing planning effort.
1991 Annual Litigation Review : Courts Address
Disputes Cautiously
Reports on the 55 federal and state court decisions tracked by WS concerning
federal issues, fees & assessments, liability, local powers, and state water rights.
Finance Update
Reviews the results from the 107 bonds issued in the second quarter to finance water
investments.
Legislative Update
Describes the fate of the 113 bills tracked by WS in the previous issue on
water transfers, conservation, defining rights, water quality, groundwater, public trust,
and planning/policy.
Litigation Update
Reviews an Idaho Supreme Court decision limiting a statutory appropriation of instream
flow, and a Washington Supreme Court decision on the ownership of waste, seepage, and
return flow.
TOP
April 1992, Volume 6, No. 1
"Under the Hammer of Reasonable Use"
Examines the staff report by the State Water Resources Control Board denying the right of
the El Dorado Irrigation District to use conserved water. The California
Legislature’s determined effort to provide economic incentives for water conservation
hang in the balance.
The 1991 Annual Bond Market Review: Volumes Up
as Rates Keep Falling
Reports on the continued downward spiral in financing costs.
Finance Update
Reviews the results from the 102 bonds that raised $2.3 billion in the first quarter of
1992.
Legislative Update
Describes the 110 bills tracked by WS this year. Public trust, policy and
planning, and water transfers are the hottest issues.
Litigation Update
Reviews a Colorado Supreme Court decision on pumping from tributary springs and a Texas
Appellate Court decision on irrigation water quality.
TOP
January 1992, Volume 5, No. 4
"The Delta on Hold: Bay-Delta Hearings
Revisited"
Revisits California’s prolonged process for the setting of water quality objectives
for the Bay-Delta. After two and one-half years between the issuance of its ill-fated 1988
draft report and the adoption of the 1991 plan, the State Water Resources Control Board is
still searching for objectives that protect all beneficial uses.
1991 Annual Transaction Review: Water Comes to
Town
Summarizes the 127 water transactions reported during 1991 in Water Intelligence
Monthly. California’s Emergency Drought Water Bank, which acquired over 800,000
AF of water, was the major development in 1991. The market for effluent continues to
expand.
"A Tale of Local Concerns: San Luis
Valley Fights Interbasin Transfer"
Written by WIM advisory editor Steven J. Shupe, recounts the fight between residents in
San Luis Valley, Colorado and the American Water Development Inc. over the company’s
plan to transfer groundwater to the Denver Metropolitan area.
Finance Update
Reviews the results of the 111 bonds issued to raise $2.86 billion in the fourth quarter
of 1991.
Litigation Update
Discusses an appellate court decision in California upholding a prohibition against new
water connections, and a Utah Supreme Court decision that allowed unconstitutional leasing
of water by a town to rebut the statutory presumption of abandonment.
TOP
October 1991, Volume 5, No. 3
"Rules of the River: BuRec’s
Proposed Regulations for the Lower Colorado"
Examines the Bureau of Reclamation’s proposed regulations for administering
entitlements to Colorado River water in the Lower Colorado basin. In their current form,
the regulations portend water reallocation by regulatory fiat rather than voluntary
transactions and state/federal conflicts over Colorado River water.
1991 Annual Legislative Review: Protecting
Western Water
Examines what has happened to the 184 major state water bills tracked by WS
this year. Arizona finally resolved its long-standing dispute over groundwater
transportation and municipal water farms. The fifth year of drought in California
generated a flurry of legislative activity.
"Closing the Loop: Recycling Western
Water"
Reviews how states and communities in the West are turning to reclaimed water to meet
growing municipal demands.
Finance Update
Reviews the results from the 87 bonds issued to raise $1.3 billion in the third quarter.
Litigation Update
Reviews the U.S. Supreme Court decision on the Canadian River Compact and a U.S. District
Court decision declaring invalid the BuRec’s 1987 acreage limitation rules.
TOP
July 1991, Volume 5, No. 2
"Arizona Rewrites Groundwater Law"
The Arizona Legislature has fashioned a delicately-worked compromise after years of heated
debate over the ownership of water farms by municipalities. "Arizona Rewrites
Groundwater Law" describes the two pieces of legislation (on groundwater
transportation and the establishment of a replenishment district in the Phoenix Active
Management Area), and analyzes what the reforms mean for the management of Arizona water.
The compromise evidences a "new split" in the politics of water, from rural vs.
urban to central city vs. suburban.
1990 Annual Litigation Review: Federal Actions
Upheld & Public Trust Considered
Reports the 57 federal and state court decisions concerning federal issues, fee &
assessments, liability, local powers, and state water rights.
Finance Update
Reviews the results from the 96 bonds issued in the second quarter to finance water
investments.
Legislative Update
Describes the fate of the 162 bills tracked by WS in the previous issue on
water transfers, conservation, defining rights, water quality, groundwater, public trust,
and planning/policy.
Litigation Update
Reviews a Idaho Supreme Court decision upholding connection fees based on replacement
costs, and a Colorado Supreme Court decision concerning a 1940 agreement preventing Denver
from reusing effluent from Colorado River water.
TOP
April 1991, Volume 5, No. 1
"Drought in California: Arousal of the
Market?"
California’s fifth year of drought has created an outbreak of trading to secure
emergency water supplies. "Drought in California" reviews the state’s water
bank and proposed federal legislation that would establish a framework for statewide
trading of water from the federal Central Valley Project. While these developments augur
an increased role for voluntary transactions, proponents of water trading should delay
declarations about a new era in California water policy.
The 1990 Annual Bond Market Review: Financing
Costs Continue Downward Spiral
Analyzes the continued downward spiral in financing costs.
Legislative Update
Describes the record number of 162 bills tracked by WS this year. The large
volume reflects growing concerns, westwide, about the drought and water quality. Water
conservation remains a top priority for western states.
Finance Update
Reviews the results from the 59 bonds issued in the first quarter to finance water
investments.
Litigation Update
Reviews an appellate court decisions in California affirming the State Water Resources
Control Board decision that the irrigation practices of the Imperial Irrigation District
were unreasonable and wasteful, and a Kansas Supreme Court decision upholding the
constitutionality of an instream flow appropriation statue.
TOP
January 1991, Volume 4, No. 4
"Interior’s Policy of Voluntary
Water Transactions: The Two-Year Record"
Examines the two-year record since Interior released its policy principles.
Interior’s 1989 "Criteria and Guidelines" evidence an intent to avoid
burdening transactions with unreasonable restrictions or financial penalties. But it is
too early to tell whether the BuRec will be a facilitator or inhibitor of trades.
1990 Annual Transaction Review: Growing
Diversity of Water Agreements
Reviews the 121 major water transactions reported during 1990 in Water Intelligence
Monthly. Municipalities purchased further supplies. Water was transferred for public trust
purposes. Irrigators supplemented drought depleted supplies. Effluent found paying
customers. Many transactions used innovative contractual and conveyance arrangements.
Finance Update
Reviews the results from the 77 municipal bonds issued during the fourth quarter of 1990
to finance water investment.
Legislative Update
Reviews the results from last November’s general election for the seven significant
ballot propositions on water policy submitted to voters in Arizona, California, Nevada,
and Washington.
Litigation Update
Reviews a Colorado Supreme Court decision on a conflict between a change in diversion
point of decreed rights and a junior instream flow right, and a 9th circuit decision on
whether the Nevada State Engineer must approve changes in effluent use.
TOP
October 1990, Volume 4, No. 3
"Trading Federal Project Water: The
Colorado-Big Thompson Project"
Reviews the Colorado-Big Thompson Project, where participants have been trading federal
water for over thirty years. That experience provides a model for how water in other
federal projects can be traded, shows that water has greater value in both agricultural
and municipal uses than commonly believed, and demonstrates that water trading has limits
in securing reliable supplies for municipalities.
1990 Annual Legislative Review: Conservation
and Quality Dominate Agenda
Examines what has happened to 72 major water bills tracked by WS this year. Water
conservation and water quality dominated the agendas of the 12 legislatures in session.
"Planning for Today and Tomorrow: The
Draft 1990 Texas Water Plan"
Examines the draft 1990 Texas Water Plan. The draft places a strong emphasis on reuse and
conservation relative to development of new water supplies. It relies heavily on state
mandates to achieve its conservation targets.
Finance Update
Reviews the results from the 73 bonds issued to finance water investment during the third
quarter, and describes the fate of the four finance bills tracked by WS this year.
Litigation Update
Reviews a 9th circuit decision on constitutional challenges to federal reclamation law and
a Colorado Supreme Court decision on the abandonment of water rights by Denver.
TOP
July 1990, Volume 4, No. 2
"Innovation Through Negotiation: The Fort
Hall Indian Water Rights Agreement"
Most western states are engaged in litigation and negotiation of Indian water claims.
"Innovation Through Negotiation" describes the 1990 Fort Hall Indian Water
Rights Agreement, a tentative settlement of the claims of the Shoshone-Bannock tribes in
the Upper Snake River Basin. The agreement resolves, innovatively, many issues that would
have been left unresolved if the parties litigated to final decision.
1989 Annual Litigation Review: Courts Face
Federal Issues and Local Fiscal Powers
Reports 52 federal and state court decisions concerning federal issues, fees &
assessments, liability, local powers, and state water rights.
Finance Update
Reviews bonds issued to finance water investments during the second quarter, examines the
fate of state finance legislation, and describes a financing of note by the Stockton East
Water District.
Legislative Update
Describes 19 newly-enacted pieces of legislation (of the 64 major bills tracked by WS)
dealing with water transfers, conservation, defining rights, water quality, groundwater,
public trust, and planning/policy.
Litigation Update
Reviews a U.S. Supreme Court decision which held that the Federal Energy Regulatory
Commission has exclusive control over setting minimum instream flow rates for hydropower
projects.
TOP
April 1990, Volume 4, No. 1
"Municipal Water Conservation by
Regulatory Fiat: Lessons from Arizona’s First Ten-Year Program"
The drought in western states has made water conservation a major issue. "Municipal
Water Conservation by Regulatory Fiat" reviews Arizona’s attempt to control its
groundwater overdraft through mandatory conservation. It explains how the west’s most
comprehensive mandatory conservation program has evolved into a system of extensive
administrative law.
1989 Annual Bond Market Review: NICs, Spreads
and Volume Down: Rates and Ratings Separate
Analyzes the quiet year in water issues despite falling interest rates.
Legislative Update
Describes 64 bills considered by western legislators this session. Conservation and water
quality are the top priorities.
Finance Update
First quarter financial developments are reviewed in "Finance Update" which also
describes proposed legislation on financing policy.
Litigation Update
Reviews a California appellate court decision concerning a long-standing moratorium on
water service connections and a decision by the Kansas Supreme Court declining to extend
the public trust doctrine to non-navigable streams.
TOP
January 1990, Volume 3, No.4
"Escalating Project Costs: Issues for
Contract Negotiation and Financial Valuation"
Water transactions are often complicated. "Escalating Project Costs" is a guide
to how inflation, interest rates, future costs, and contractual provisions determine the
final price of water.
WS Guide to Water Transfers in the West
States are wrestling with the laws and regulations under which water transfers are made.
The "WS Guide to Water Transfer Policy" examines the three stages in the
evolutionary process of policy; establishing the legislative framework, setting the rules,
and creating workable contracts.
"Local Control of Groundwater Overdraft:
The Lessons from Adjudicated Basins"
Managing groundwater resources has become a priority for many states. "Local Control
of Groundwater Overdraft" shows how overdrafts can be controlled without prohibiting
water trades.
Finance Update
Fourth quarter bond market developments are summarized in Finance Update which also
assesses what the shift in who buys municipal bonds means for water finance.
Litigation Update
Reviews a Ninth Circuit decision on the lien rights of bondholders and a Utah Supreme
Court decision involving a state constitutional prohibition of water sales or leases by
municipal corporations.
TOP
October 1989, Volume 3, No. 3
"Divided Court, Divided Region: Indian
Water Claims after Big Horn"
Western water policy involves numerous disputes reflecting economic, legal, and political
claims on resources. Solutions can be found in the courtroom, the Legislature, or at the
bargaining table. "Divided Court, Divided Region" describes the implications of
the recent divided opinion by the U.S. Supreme Court concerning the use of the practicably
irrigable standard to quantify Indian water claims in Wyoming’s Big Horn
Adjudication.
"Coming to Terms Again"
Updates the story in the last issue on the historic agreement between Inyo County and the
City of Los Angeles to end litigation on the effect of LA’s pumping on Owens Valley.
A renegotiated agreement has been approved, which includes new wording to correct possible
ambiguities in the earlier agreement as well as new substantive provisions.
1989 Annual Legislative Review: Legislatures
Move on Water Quality, Public Trust, and Water Transfers
Summarizes the key trends and provisions in the 110 major bills tracked by WS for
the 15 western legislatures in session. Legislatures were especially active in addressing
issues of water quality, public trust, and transfers.
Finance Update
Reviews the results from the 62 bonds issued to finance water projects during the third
quarter and describes new state legislation dealing with state finance policies.
Litigation Update
Reviews an Arizona decision on the ownership of treated effluent water and a federal 9th
circuit decision on the transfer of federal project waters.
TOP
July 1989, Volume 3, No.2
"Coming to Terms: A Proposed Agreement
for the Owens Valley Dispute"
After decades of conflict, the City of Los Angeles and Inyo County have negotiated a
proposed settlement that protects the environment in Owens Valley while allowing Los
Angeles a reliable supply of water. "Coming to Terms" describes this historic
agreement and outlines the lessons for others trying to arrange transfers of water.
1988 Annual Litigation Review: Record Number
of Cases Address the Growing Claims on Western Water
Summarizes 61 state and federal cases concerning fees & assessments, interstate
compacts, liability, local powers, reserved rights, and state water rights.
"Evaporating Water Markets? New
Contingencies for Urban Water Use"
Shows how slower population growth rates and passing on wastewater treatment costs to
households may reduce the need to transfer irrigation water to urban areas.
Finance Update
Reviews bonds issued to finance water projects during the second quarter and examines new
state legislation dealing with state water finance policies.
Legislative Update
Describes 29 newly enacted pieces of legislation (and 73 that failed) dealing with water
transfers, water rights, conservation, groundwater, public trust, and planning.
Litigation Update
Reviews a California decision on the public trust doctrine and a Nebraska decision voiding
a special assessment.
TOP
April 1989, Volume 3, No. 1
"Leading Wall Street to Water: Pru-Bache
Closes $20 MM Fund to Acquire Water"
Transferring water to the west’s growing cities will need capital--lots of it.
"Leading Wall Street to Water" describes how Prudential-Bache has tapped new
sources by creating Aqueduct I--a limited partnership to invest in water rights.
This vehicle brings potential benefits of management and flexibility to both
areas-of-origin and municipalities.
1988 Annual Bond Market Review: California
Boosts Net Volume, but Borrowers from All Western States in the Market
Analyzes the rising volume of water financing and underwriting activity in each state.
"Unsettled Settlement: The Salt River
Pima-Maricopa Indian Community Agreement"
Examines the terms of the recent agreement between the Pima-Maricopa Indian Community and
Phoenix metro area communities and the uncertain economic effects on the parties.
Finance Update
The finance environment is being shaped by new state legislation reviewed in Finance
Update, which also reports the results of 1st quarter 1989 water issues.
Legislative Update
Describes 115 bills introduced in the 17 states covering water quality, transfers,
conservation, rights, groundwater, and policy development.
Litigation Update
Reviews a public trust decision in California and a burden-of-proof case in Oregon.
TOP
January 1989, Vol. 2 No.4
"Groundwater Contamination:
Commo n Ground
for the Common Law"
n Ground
for the Common Law"
Public concern over deteriorating water quality is growing. Agencies must find
causes, identify pollution sources, propose remedies and resolve conflicts.
"Groundwater Contamination" examines Congress' proposals to fund research on
groundwater quality problems to improve the factual basis for liability cases based on
common law. Courts provide a more flexible and timely solution to many pollution
problems than regulation. Scientific investigation of the causes of contamination
must be separated from rule-making.
" Unreasoned Explanation"
Unreasoned Explanation"
This article reviews the SWRCB staff report of California's Bay-Delta hearings. The
recommendations lack support from adequate evidence and reasoned explanation.
"Let's Make a Deal"
Acceptance for water trades is broadening. "Let's Make a Deal" describes
the proposed agreement to conserve water between the Metropolitan Water District and the
Imperial Irrigation District. And the Department of Interior's endorsement of trades
is described in "DOI Sets Principles for Trades."
Finance Update
Summarizes the results of fourth quarter bond issues and recent changes in the powers of
commercial banks.
Litigation Update
Discusses Nevada and Oregon cases concerning instream flows and recent decisions involving
Mono Lake .
TOP
October 1988 Vol. 2 No. 3
"Truth or Consequences: The SEC on
Municipal Disclosure"
Good decisions depend on good information. Investors need to judge the riskiness of
the projects they finance. The SEC is emphatically reminding underwriters of the
need for "truthful and thorough" disclosure. The agency's proposed rule
for municipal disclosure is reviewed in "Truth or Consequences." Borrowers
can expect much closer scrutiny from their underwriters.
"Anatomy of a Power Failure: The
SEC Reports to Congress on WPPSS"
SEC action grew out of its exhaustive analysis just submitted to Congress of the 1983
default by the Washington Public Power Supply System. "Anatomy of a Power
Failure" examines the lessons for borrowers.
"Red Tape Rising: Nebraska Proposes
Water Transfer Permits"
Regulators also need good information. Nebraska has just proposed an arduous
permitting system for water transfers. "Red Tape Rising" examines how to
ensure that regulators have only the information they need, so that the permitting process
can promote both public policy objectives and beneficial water trades.
1998 Annual Legislation Review
Tracks what has happened to 96 legislative initiatives in the 17 western states tracked by
WS this year.
Finance Update
Summarizes the results of third quarter water bond issues and reviews changes in state
banking regulation.
Litigation Update
Discusses a Colorado case about a transfer of irrigation water to municipal use, and a
Washington case about district
liability
for damages created by canal seepage.
TOP
July 1988 Vol.2 No.2
"Waste Water Finance After EPA"
Municipalities
throughout
the West must make heavy investments in waste water treatment. "Waste Water Finance After EPA" describes the challenges authorities face
because of minor assistance offered by EPA's capitalization of state revolving loan funds.
1987 Annual Litigation Review
Summarizes 48 appellate and supreme court cases concerning federal reserve rights
interstate
compacts, liability, local powers, fees and assessments, and state water
rights.
"A New Use for California's Water
Plans"
Illustrates how water authorities and financial institutions can use state water plans to
understand the contingencies they face in water management and risk assessment.
Finance Update
Tracks the results of second quarter water bond issues, describes recently-enacted state
finance legislation, and summarizes two important U.S. Supreme Court
decisions.
Legislative Update
Presents the "WS Legislative Scorecard." Groundwater and public
trust issues dominate legislative agendas. States continue to spurn legislative road
blocks to water transfers.
Litigation Update
Discusses decisions concerning federal reserve rights and the public trust doctrine.
TOP
April 1988 Vol. 2 No.1
"Having Water on Tap: Drought
Insurance Through Water Trades"
As growth
squeezes
existing supplies, water authorities face growing risk that they will be
unable to meet customer's demands in dry years. "Having Water on Tap"
describes how authorities can use water markets to acquire more reliable supplies through
diversification of sources and accumulation of supply cushions. Improving
reliability will require unprecedented capital investments.
1987 Annual Bond Market Review
Analyzes the rising interest rates, changing spreads and restructuring of the underwriting
industry that defines the environment where these investments will be financed.
Finance Update
The financial environment is also being shaped by state legislatio n reviewed in the
"Finance Update" which also reports the results of 1st quarter 1988 financings.
Legislative Update
Examines 83 bills covering water research and planning, water rights regimes, groundwater
policy, public trust values, and water transfers.
Litigation Update
Discusses two cases involving applications for water appropriations. A Nebraska
decision addresses supply reliability and a Colorado decision discusses contracts as
planning tools.
TOP
January 1988, Vol. 1 No.4
"Taking It to the Street: How Water
Authorities Can Find Low-Cost Financing"
Borrowing money is never easy. For western water agencies, the
withdrawal
of federal
funds, the increasing scrutiny of investors, and unstable interest rates have not made it
any easier. This issue analyzes how local agencies--with the help of bond counsel
and financial advisors--can borrow at lower cost. "Taking it to the
Street" shows how interest costs can be lowered by the careful planning, prudent
financial management, and informative official statements.
"Getting Credit Where Credit is Due"
Describes how these underlying strengths can be reinforced by the judicious use of credit
enhancement programs.
Finance Update
Examines he turmoil in the municipal underwriting industry.
Legislative Update
Reviews a Joint Legislative report on water transfers in Arizona that will set the
framework for heated political debate in that state.
Litigation Update
Discusses a decision in Colorado involving federal reserved water rights and one in
Nebraska settling a dispute over the ownership of incidental water storage.
TOP
October 1987, Vol. 1 No.3
Western cities are running out of water.
Although population pressures are
driving
up demands, most sources of supply are already
developed. As a result, municipalities must compete with agricultural, environmental
and recreational demands for the water they need to sustain growth. This issue of
Water Strategist analyzes how this competition can be resolved in a way that meets urban
demands without sacrificing the legitimate concerns of rural areas about the consequences
of exporting water.
"Irrigating the City"
Examines where the markets for water are growing most rapidly and where the largest
transfers from agricultural areas will be required.
"Cashing-in on Conservation"
Examines the conditions necessary for irrigators to invest in measures to conserve water.
"Avoiding Owens Valley Syndrome"
Describes how any adverse economic impacts of water exports can be avoided by creating a
local program to promote economic development.
Annual Legislative Review
Quarterly Finance Update
Quarterly Litigation Update
TOP
July 1987, Vol. 1 No. 2
"Just Rewards: Making Water
Marketing Work for Local Interests"
1986 Annual Litigation Review:
Local
Fees and Powers Upheld, Federal Reserve Rights Limited, and State Water Right Systems
Reassessed
Finance Update
Legislative Update
Litigation Update
TOP
April 1987 Vol. 1 No. 1
"Water Policy in the Balance:
Water
Development and Environmental Interests in the Era of the Public Trust Doctrine"
"Paying the Pipe-Layer: Finance in an Era
of Expensive Water"
1986 Annual Bond Market Review:
Higher
Volume, Lower Costs, and Rejections of Common Perceptions
Finance Update
Legislative Update
Litigation Update
TOP
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