Garwood Irrigation Company - Page 13

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          it, in order to meet the senior right holder’s need.   A holder             
          of a run-of-the-river right does not have the right to call water           
          that has been stored in a reservoir upstream, despite a junior              
          priority date of the upstream holder.  As a result, a run-of-the-           
          river right is not as dependable as rights to stored water during           
          a drought and is less valuable.  Petitioner’s certificate allowed           
          it to store only 86 acre feet of water, which was sufficient to             
          enable its intake pumps to function properly at normal stream               
          flows.  Consequently, petitioner’s early priority date was                  
          important in that it determined the availability of water to                
          petitioner in times of drought.                                             
               On August 29, 1997, petitioner filed an application with the           
          TNRCC for the right to change the use of and to transfer out of             
          the Colorado River Basin the 133,000 acre-foot portion of its               
          water right not being sold to Corpus Christi.  The requested                
          amendment would allow petitioner to sell all or a part of its               
          water right for municipal, industrial, or commercial purposes               
          outside of the Colorado River Basin.  Petitioner made the August            
          27, 1997, application in order to preserve an argument that its             
          remaining water would be exempt from the Junior Water Rights                
          Provision of SB1 because the application was filed before the               
          effective date of SB1 (September 1, 1997).  The argument was                
          supported by letters from Texas State senators.  Since the                  

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