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NW Washington | It might be an automatic drain valve designed to drain the pipe when it has no water pressure. This it drains the system to prevent freezing when the system is not being used.
"This auto-drain valve is designed for use in domestic well water systems, irrigation and sprinkler systems, agricultural watering. It provides automatic drainage of water lines when line pressure drops below 10 PSI ((approx. 5 gpm) in a closed water system."
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