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<br />INTERSTATE WATER BANK OPERATION <br /> <br />· The Water Bank would be established by the seven Basin States. <br />· The Water Bank would be operated by a state entity within each <br />state (in California, the Colorado River Board). <br />· The Water Bank may purchase no more than 1.0 maf per year. <br />· All interstate water transactions must occur through the Water Bank. <br />· Water sold to or purchased from the Water Bank must be by a state entity. <br />· U.S. Bureau of Reclamation is a cooperator in establishing the <br />? procedures for operation of the Water Bank. <br />I-' <br />· Only "wet" water is available for purchase by the Water Bank. <br />· Water purchased by the Water Bank is on a willing seller/willing <br />buyer basis. <br />· Water purchased from the Water Bank must first be obtained by the <br />state entity in which the willing purchaser is situated. <br />· Water sold to the Water Bank must be on a year-to-year basis and <br />not as a firm annual supply. <br />· The maximu~ purchase price for water obtained for the Water Bank <br />will be established annually by the Seven State Forum operating <br />the Water Bank. <br />