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<br />" <br /> <br />. purchase, sale, and acquisition 01 water and water rights <br />. possible establishment 01 regional banks <br /> <br />* Allows deposits to be either water rights or the right to use water under an <br />authorized water right. Water may be surface water, ground waler, or waler <br />Irom any source <br /> <br />* Allows deposit 01 up to 50 percent of a water right into the bank <br /> <br />* Protects rights to surface water placed in the bank Irom cancellation lor an <br />initial ten year period after deposit in the bank and for an ensuing ten years <br />following any necessary TNRCC approval relating to a water right which was <br />transferred while on deposit in the bank <br /> <br />* Allows the Board to charge the depositor up to $500 per transfer to cover its <br />expenses, with political subdivisions being exempt from any fee <br /> <br />* Use of the bank is not mandatory; water rights may be transferred outside 01 <br />the bank <br /> <br />Actions Taken by the Water Development Board Staff <br /> <br />* A fact sheet and typical quesUons and answers were prepared in June 1993 <br />lor informational purposes <br /> <br />* A meeting with the executive Director of the Texas Municipal League was <br />held on July 6. 1993 in order to gather information on how thot new bank <br />should operate. <br /> <br />* A meeting with Texas river authority managers was held on July 9,1993 to <br />again gather information on how the water bank should operate. <br /> <br />* Stetewide information gathering meetings were conducted In McAllen on July <br />21. 1993, in VIctoria on August 2. 1993. and in Lubbock on August 11, 1993. <br />Summaries of those meetings were prepared and mailed to all attendees and <br />to those also expressing interest <br /> <br />* In August 1993. interestecj, parties representing irrigation districts, cities, <br />counties. water suppliers, fanners, and the Lower Rio Grande Development <br />Council established an oversight committee to investigate the feasibility 01 <br />establishing a regional water bank in the lower Rio Grande valley. <br /> <br />* A draft of the water bank rules was prepared in October of 1993 and <br />subsequently circulated for review and comment. A copy of the water bank <br />mailing list is included In the Appendix. <br /> <br />* The Texas Water Development Board was briefed by staff on the progress <br />of the water bank program on November 18. 1993. <br /> <br />2 <br />