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<br />- <br /> <br />e <br /> <br />e <br /> <br /> <br />e <br /> <br />DRAFT RULES DATED 1/10/02 <br /> <br /> <br />RULES GOVERNING THE ARKANSAS RIVER WATER BANK <br />PILOT PROGRAM <br /> <br />AUTHORIZATION <br /> <br />These rules are promulgated pursuant to the authority granted the State <br />Engineer in sections 37-80,5-101 et seq" C,R.S. (2001) to implement a pilot <br />water banking program in the Arkansas River Basin, <br /> <br />ORDER OF THE STATE ENGINEER <br /> <br />IT IS ORDERED that the following rules governing the Arkansas River <br />Water Bank Pilot Program are adopted by the State Engineer, <br /> <br />Rule 1, Title. <br /> <br />The title of these rules is "The Rules Governing the Arkansas River <br />Water Bank Pilot Program." The short title for these rules is "Water <br />Bank Rules" and they may be referred to herein collectively as the <br />"rules" or individually as a "rule," <br /> <br />Rule 2, <br /> <br />Scope and Purpose. <br /> <br />A. These rules apply to the establishment and operation of a pilot <br />water bank for owners of storage water rights in the Arkansas River <br />Basin and its tributaries, These rules are effective through June 30, <br />2007, <br />B, The purpose of these rules is to implement a pilot water bank that <br />simplifies and facilitates water leasing, loans and exchanges <br />including interruptible supply agreements, of storage water rights <br />within the Arkansas River Basin; and to reduce the costs <br />associated with such transactions, Further, it is also the purpose of <br />these rules to increase the availability of water-related information <br />and assist farmers and ranchers by developing a mechanism to <br />realize the value of their water right assets without forcing the <br />permanent severance of those water rights from the land, Nothing <br />in these rules is intended to restrict the ability of the holder of a <br />water right to sell, lease, option or exchange that water right in any <br />other manner that is currently permitted under Colorado law, These <br />rules are not to be implemented in a manner that would cause <br />material injury to the owner of or persons entitled to use water <br />under a vested water right or a decreed conditional water right. <br /> <br />- <br />