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2. "Article II water" means Legally Stored Water stored within individual Water District 67 ditch <br /> accounts pursuant to Section II of the Resolution Concerning an Operating Plan for John <br /> Martin Reservoir adopted by the Arkansas River Compact Administration on April 24, <br /> 1980 (as amended) and accounted as "winter stored water" under"Agreement B"dated <br /> November 1984. <br /> 3. "Beneficial consumptive use" means the amount of water actually consumed in applying the <br /> water right to its legal use. <br /> 4. "Deposit account" means the amount of Legally Stored Water a person or entity places in the <br /> water bank. <br /> 5. "Interruptible supply" means the temporary cessation of the historic use of stored water and <br /> the temporary use of such water at another location, and/or for a different use, and/or at a <br /> different time. Such temporary cessation/use may be during a full or partial season of <br /> historic use. <br /> 6. "Legally stored water" means water legally stored pursuant to a water court decree, statutory <br /> provision, or an existing authorization of the Arkansas River Compact Administration, and <br /> that is physically in such storage within 60 days of deposit/enrollment in the Water Bank. <br /> 7. "Option agreement" means an agreement by which a buyer pays a seller for the option to use <br /> a specified amount of stored water and pays for the right, but is not obligated, to <br /> purchase a defined amount of banked water at a specified price within a fixed time <br /> period. The buyer of the option may be required to pay a defined premium to the seller <br /> for this right. An option agreement may authorize the water bank operator to release <br /> deposited water for the seller's use at times when the water is available for use and the <br /> buyer is not exercising the option, or allow the seller to use the stored water until the <br /> option is exercised. <br /> 8. "Return flow(s)" means the amount of the water that is not consumed and returns to the <br /> stream following a legal use of a given amount of water. <br /> 9. "Transit loss" means the amount of water deducted by the Division Engineer in the delivery of <br /> water from one point to another due to stream and environmental conditions. <br /> 10. "Water bank" means the Arkansas River Water Bank, which is a program authorized by the <br /> Colorado General Assembly to receive and safeguard legally stored water for exchange, <br /> lease, options or loans and to facilitate such transactions. <br /> 11. "Water banking" means temporarily placing legally stored water into an account within the <br /> Water Bank whereby that water is then leased, loaned, optioned or exchanged to another <br /> user. <br /> 12. "Transaction fee" may include a percentage of water in lieu of monetary compensation. <br /> 13. "Water bank operator' means the State Engineer, a delegated public entity or a delegated <br /> public-private partnership who administers the water bank and is entitled to charge a <br /> transaction fee for deposits, withdrawals, or both, sufficient to cover the bank's <br /> administrative costs. <br /> 14. "Winter water' means water stored using the Winter Water Storage Program as described in <br /> Case No. 84CW179,Water Division 2. <br /> Code of Colorado Regulations 2 <br />