LEG00200

• Bill Number: HB03-1318
• Year: 2003
• Title: Water Banks in Each Division
• Legislation - Doc Type: Other CWCB Related Bills - Passed

I Be it enacted by the General Assembly pfthe State of Colorado:

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SECTION 1. 37-80.5-102, Colorado Revised Statutes, IS

3 amended to read:

4 37-80.5-102. Legislative declaration. The general assembly

5 hereby finds, detennines, and declares \hat the purpose of this article is

6 to tGst thc conccpt of II AUTHORIZE THE !CREA nON OF water bank BANKS

7 WITHIN EACH WATER DIVISION to be operated under strict parameters

8 established by rules approved by the water court. Accordingly, this

9 article provides for the promulgation of rules concerning a water bank

10 BANKS and requires the water court to:approve the rules and the state

11 engineer to report to the general assembly regarding the plopos(,d

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operation of the bank BANKS, The piI:ot water bank program created by
this article is intended to simplify and, improve the approval of water

14 leases, loans, and exchanges, including interruptible supply agreements,
15 of stored water within the AibllSIlS E~CH river basin, reduce the costs
16 associated with such transactions, and increase the availability of
17 water-related information. It is also the purpose of this pilot THE water
18 bank BANKS to assist farmers and ranchers by developing a mechanism
19 to realize the value of their water ri~hts assets without forcing the
20 permanent severance of those water rights from the land. The general
21 assembly affirms the state constitution's recognition of water rights as a
22 private usufructuary property right, and this article is not intended to
23 restrict the ability of the holder of a water right to sell, lease, or exchange
24 that water right in any other manner that is currently pennitted under
25 Colorado law. Further, this article is not intended to be implemented in

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any way that would cause material injury to the owner of or persons

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HB03-I318

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