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<br />1848 <br />c. Pursuant to Colo. Revised Statutes, 37-80-120, the State Engineer must approve a temporary <br />substitute supply plan for the water bank. That approval is issued for one year, and is <br />typically reissued annually. Approval generally requires that a permanent court decree be <br />pursued. In the winter storage program instance, the program was operated and fine-tuned <br />for several years before attempting an application for decree. <br /> <br />Managing Entity <br /> <br />It is recommended that the water bank operating entity be headed by a five person board of <br />directors made up of three representative FLCC shareholders, and two representative water bank <br />renters. In addition, the President of the FLCC, the FLCC superintendent, and the Division <br />Engineer should be ex officio members of the board of directors. <br /> <br />The water bank board of directors might desire to engage a manager and legal and hydrologic <br />consultants as needed. To assure continued account ability to the FLCC shareholders, other water <br />rights holders, water bank water renters, and the public, the water bank should publish an annual <br />report which shows in detail the water and financial accounting for the bank, and particularly the <br />return flow calculations and assurances. <br /> <br />Proposed Water Bank Operating Rules <br /> <br />The water bank would have six interconnected functions, which are water acquisitions, water rentals, <br />enforcement of lessor contracts, assurance of return flows, water storage, accounting and exchanges, <br />and financial accounting. Refer to Exhibits 1, 2 and 3 attached to this report for proforma <br />agreements to be used as models. <br /> <br />a. Water Acquisitions - By February 15 of each year the Board should decide what its goal is <br />for the quantity of water acquisitions for the year. The Board should acquire up to the <br />amount of its goal by accepting sealed bid offers to lease. The bids should be due by March <br />5. The Board should acquire leases on water bids based on these rules: <br /> <br />i. Acquire from the lowest cost bidders. <br />ii. When possible, acquire water from laterals where all farmers on the lateral desire to <br />participate, or consent to participation. <br />Hi. As guided in good faith by the above principles, the Board has sole discretion to <br />choose what water to acquire. <br /> <br />b. Water Rentals - The Board should accept sealed bids due by March 5 for the rental of water <br />for the season. The bids for rental must state how much water is desired, and what price <br />would be paid. To allow flexibility for agricultural users, and to help assure that the water <br />bank successfully sells all or almost all of its water each year, a second bid opening on July <br />20 for additional bids would be appropriate. <br /> <br />7-43 <br />