Prices in the Water Bank ranged from USD41 to USD142 per 1,000 m\ and most of the water was purchased by urban water supply agencies. Agricultural agencies accounted for about 21% of the sales from the Water Bank, primarily for farmers needing to finish irrigating seasonal crops or to preserve permanent crop plantings, such as tree fruits, nuts, and vines (Teerink, 1993b; Green and Hamilton, 2000). In sum, the Water Bank purchased 1,105,000 m3 of water at an average price of USD100 per 1,000 m\ and sold 488,000 m3 of water at an average price of USD140 per 1,000 m3. Carriage losses accounted for 150,000 m3 of water, while 375,000 m3 were carried over to the following year (Howitt, 1994). The Arvin-Edison Water Storage District in Kern County, California was formed in 1942 for the purpose of obtaining irrigation water supplies from the Central Valley Project and reducing groundwater overdraft in the region (Schuck and Green, 2003a).