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<br /> <br />'. <br /> <br />ARTICLE IS TO TEST THE CONCEPT OF A W ATERBANK TO BE OPERATED UNDER <br />STRICT PARAMETERS ESTABLISHED BY RULES APPROVED BY THE WATER <br />COURT. ACCORDINGLY, THIS ARTICLE PROVIDES FOR THE PROMULGATION OF <br />RULES CONCERNING A WATER BANK AND REQUIRES THE WATER COURT TO <br />APPROVE THE RULES AND THE STATE ENGINEER TO REPORT TO THE GENERAL <br />ASSEMBLY REGARDING THE PROPOSED OPERATION OF THE BANK. THE PILOT <br />W ATER BANK PROGRAM CREATED BY THIS ARTICLE IS INTENDED TO SIMPLIFY <br />AND IMPROVE THE APPROVAL OF WATER LEASES, LOANS, AND EXCHANGES, <br />INCLUDING INTERRUPTIBLE SUPPLY AGREEMENTS, OF STORED WATER WITHIN <br />THE ARKANSAS RIVER BASIN, REDUCE THE COSTS ASSOCIATED WITH SUCH <br />TRANSACTIONS. AND INCREASE THE AVAILABILITY OF WATER-RELATED ' <br />OOORMATION. IT IS ALSO THE PURPOSE OF THIS PILOT WATER BANK TO (' <br />ASSIST FARMER,S AND RANCHERS BY DEVELOPING A MECHANISM TO REALIZE <br />THE VALUE OF THEIR WATER RIGHTS ASSETS WITHOUT FORCING THE <br />PERMANENT SEVERANCE OF THOSE WATER RIGHTS FROM THE LAND, THE <br />GENERAL AS8EMBL Y AFFIRMS THE ST ATE CONSTITUTION'S RECOGNITION OF <br />WATER RIGHTS AS A PRIVATE USUFRUCTUARY PROPERTY RIGHT, AND THIS <br />ARTICLE IS NOT INTENDED TO RESTRICT THE ABILITY OF THE HOLDER OF A <br />WATER RIGHT TO SELL, LEASE, OR EXCHANGE THAT WATER RIGHT IN ANY <br />OTHER MANNER THAT IS CURRENTL YPERMl'I'TED UNDRR COLORADO LAW. <br />FURTHER, THIS ARTICLE IS NOT INTENDED TO BE IMPLEMENTED IN ANY WAY \ <br />THAT WOULD CAUSE MATERIAL INJURY TO THE OWNER OF OR PERSONS <br />ENTITLED TO USE WATER UNDER A VESTED WATER RIGHT OR' A DECREED <br />CONDITIONAL W ATERRlGHT, NQR TOREPEALORIN ANY MANNER AMEND THE <br />EXISTING WATER RIGHTS ADJUDICATION SYSTEM EXCEPT AS MAY BE <br />SPECIFICALLY SET FORTH IN THIS ARTICLE. <br /> <br />37-80.5-103. Definitions. As USED INuns ARTICLE, UNLESS THE <br />CONTEXT OTHERWISE REQUIRES: <br /> <br />(1) "BANK" MEANS THE ARKANSAS RIVER WATER BANK OPERATED <br />PURSUANT TO RULES PROMULGATED UNDER SECTION 37-80.5-104. <br /> <br />(2) "PROGRAM" MEANS THE ARKANSAS RIVER WATER BANK PILOT <br />PROGRAM CREATED IN SECTION 37-80.5-104. <br /> <br />37-80..$-104. W~terbank-creatioo~ duties .of state engineer - <br />rules. (1) (a) THERE IS HEREBY CREATED THE ARKANSAS RIVER WATER <br />BANK PILOT PROGRAM. ON OR BEFORE JULY 1, 2002, THE STATE ENGINEER <br />SHALL PROMULGATE PILOT PROGRAM RULES NECESSARY OR CONVENIENT <br /> <br />o <br /> <br />PAGE 2-HOUSE BILL 01-1354 <br />