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<br />001432 <br /> <br />storage credits, and redeem storage credits associated with that water, subject to the approval of <br />the Secretary. <br /> <br />Section 414.2. Definitions <br /> <br />This section of the rule defines terms that are used in the rule. The following terms are <br />defined by or derived from the Decree: basic apportionment, Colorado River water, <br />consumptive use, mainstream, surplus apportionment, and unused apportionment. Most of the <br />other terms were defined for the purposes of this rule to establish a common understanding of <br />terms relating to storage of water. <br />All Interstate Storage Agreements for offstream storage of Colorado River water and~ <br />interstate redemption of storage credits under this proposed rule would be executed by a State <br />water banking authority, or other entities holding entitlements to Colorado River water, <br />expressly authorized pursuant to applicable laws of Lower Division States to: (1) enter into <br />Interstate Storage Agreements; (2) develop intentionally created unused apportionment; (3) <br />acquire the right to use intentionally created unused apportionment; or (4) develoo or redeem <br />storaQ"e credits for the benefit of an authorized entity in another Lower Division State. States are <br />encouraQ"ed to define the term" authorized entity" broadlv so as not to exclude aqprooriate <br />entities t;>Otentiallv interested in enterin\? into arranQ"ements to develoo or acquire water stora!!e <br />credits on an interstate basis. Constraints placed on "authorized entities" will have the likely <br />effect of reducin~ the net benefits associated with the oro90sed rule. <br />The proposed rule includes a definition of intentionally created unused apportionment of <br />Colorado River water. As proposed, it does not specify what measures or actions may be used <br />to create such apportionment. In Section 414.3, the Secretary specifies the information that he <br />will consider in approving any proposed Interstate Storage Agreement. Subparagraph (a)(7) of <br />Section 414.3 directs that any request for approval of a proposed Interstate Storage Agreement, <br />"specify which action the authorized entity will take to create intentionally created unused <br />apportionment." The Department seeks comment on the issue of whether the final definition of <br />intentionally created unused apportionment should specify what types of measures or actions the <br />Secretary would approve as intentionally created unused apportionment. Comments should <br />identify actions that would be adequate to demonstrate the development of intentionally created <br />unused apportionment. <br /> <br />Section 414.3. Interstate Storage Agreements and Redemption of Storage Credits <br /> <br />The proposed rule would authorize off stream storage of Colorado River water in the Lower <br />Division States by State-authorized entities on the basis of approved Interstate Storage <br />Agreements. Under this section of the proposed rule, a Lower Division State authorized entity <br />could establish a water bank and store Colorado River water on behalf of authorized entities in <br />the other two Lower Division States. Such water banks could store water consisting of water <br />allocated but not taken bv water entitlement holders within the Storin\? State, or unused basic <br />apportionment, or surplus apportionment of the Consuming State. <br />The proposed rule assumes that there are two ways to "store" water in offstream storage: <br /> <br />18 <br />