BOARD02303

• Board Meeting Date: 5/19/2003
• Description: State Legislative Issues
• Board Meetings - Doc Type: Memo

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Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 37-80.5-102, Colorado Revised Statutes, is
amended to read:
37-80.5-102. Legislative declaration. The general assembly
hereby finds, determines, and declares that the purpose of this article is
to test the concept of Ii AUTHORIZE THE CREATION OF water bank BANKS
WI1'HIN EACH WATER DIVISION to be operated under strict parameters
established by rules approved by the water court. Accordingly, this
article provides for the promulgation !Jf rules concerning a water bank
BANKS and requires the water court to approve the rules and the state
engineer to report to the general assembly regarding the propos.:.d
operation of the bank BANKS. The pilot water bank program created by
this article is intended to simplify and improve the approval of water
leases, loans, and exchanges, including interruptible supply agreements,
of stored water within the A1k1tn~AS EACH river basin, reduce the costs
associated with such transactions, and increase the availability of
water-related information. It is also the purpose oftms pilot THE water
bank BANKS to assist farmers and ran~hers by developing a mechanism
to realize the value of their water rights assets without forcing the
permanent severance of those water rights from the land. The general
assembly affIrms the state constitution's recognition of water rights as a
private usufructuary property right, l\.nd this article is not intended to
restrict the ability of the holder of a w4ter rightto sell, lease, or exchange
that water right in any other mannel1 that is currently permitted under
Colorado law. Further, this article is not intended to be implemented in
any way that would cause material injury to the owner of or persons

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