I. Exchanges.
Why start with “exchanges”? Well, (1) basic principles of Colorado’s water law are easy (i.e., first in time, first in right), and (2) exchanges are at the heart of some controversial projects (e.g., Glade Res., Southern Delivery System). Also, water is overappropriated in the State, so what is left to appropriate? Exchanges. The quintessential “water moves uphill towards money.” This is how it works…..
