I. Introduction

II. Historical Development of the Project Market

III. Federal Conditions Limiting the Transferability of Water Reclamation Projects … A. The Environmentalists’ Use of the Secretary of the Interior’s Lack of Authority as a Shield … b. The Small Farmers’ Use of Existing Statutes as a Sword … 1. The National Land for People Litigation … 2. The Yellen Litigation … 3. State Conditions Limiting Transferability … C. State Statutory Provisions That Restrict the Transfer of Project Water Rights

IV. Impact of the Federal and State Conditions on the Market for Water Rights

V. Private or Native Water … A. Improving the Market Allocation of Native Water … B. Quantification … C. Reducing the Cost of Necessary Quantification … D. Return Flow—The Intractable Problem … E. Avoiding Return Flow Problems