BOARD01816

• Board Meeting Date: 11/19/2001
• Description: CF Section - Proposed Statute Revisions Construction Fund and Severance Tax Trust Fund Perpetual Base Account
• Board Meetings - Doc Type: Memo

LEASES, LOANS, AND EXCHANGES EFFECTUATED THROUGH THE BANK NEED
NOT REQUIRE ADJUDICATION PURSUANT TO ARTICLE 92 OF TIDS TITLE, AND
THE STATE ENGINEER SHALL ADMINISTER SUCH LEASES, LOANS, AND
EXCHANGES NOTWITHSTANDING THE FACT THAT THEY MAY NOT HAVE BEEN
ADJUDICATED.

(V) THE RULES SHALL DEFINE THE TERMS "INTERRUPTIBLE SUPPLY"
AND "WATER BANKING".

(VI) THE RULES SHALL TAKE INTO ACCOUNT AND ADDRESS, AS
APPROPRIATE, ANY NECESSARY OR DESIRABLE LIMITATION'S UPON THE TIME,
PLACE,ORTYFEOFUSEOFWATERSMADEAVAILABLETHROUGHTHEWATER
BANK, AND THE APPROPRIATE LENGTH OF AGREEMENTS IMPLEMENTING
BANKING TRANSACTIONS,

(b) THE RULES SHALL ENSURE THAT OPERATION OF THE BANK SHALL
NOT CAUSE ANY MATERIAL INJURY TO THE OWNER OF OR PERSONS ENTITLED
TO USE WATER UNDER A VESTED WATER RIGHT ORA DECREED CONDITIONAL
WATER RIGHT. '

( C) THE RULES SHALL ESTABLISH CRITERIA PURSUANT TO WIDCH THE
STATE ENGINEER SHALL:

(1) ACCEPT A DEPOSIT OF A QUANTITY OF WATER IN THE BANK,
INCLUDING NECESSARY PROOF OF:

(A) OWNERSIDP OR A LEASE OR CONTRACT THAT INCLUDES THE
RIGHT TO USE AND CONTROL THE DISPOSITION OF WATER; AND

(B) THE LEGAL PARAMETERS OFTHEW ATERFOR USESUBJECTTOTHE
PROPOSED DEPOSIT, WHETHER BY DECREE OR BY CONTRACT;

(II) CREDIT A WITHDRAWAL OF A QUANTITY OF WATER FROM THE
BANK, INCLUDING THE TERM, LOCATION, AND TYPE OF THE PROPOSED USE OF
THE WITHDRAWN WATER; ,

(III) l"lJELISH A SYMMARY OF THE WATER HANK's T'RANSAGTIGNS,
INCLUDING THE AMOUNTS OF WATER SUBJECT TO SUCH TRANSACTIONS; AND

(IV) ADMINISTER THE WITHDRAWN WATER:

PAGE 4-HODSE BILL 01-1354

,