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D. The water bank operator shall establish a process for registration of qualified bidders who may <br /> participate in the bidding process. <br /> E. The water bank operator shall establish and maintain a Water Bank Notification List. Within thirty (30) <br /> days after the effective date of these rules and annually thereafter, the water bank operator shall <br /> publish in the Division 2 water court resume and in a newspaper or newspapers as necessary to <br /> obtain general circulation once in every county affected, an invitation to be included on the Water <br /> Bank Notification List. Persons on the List shall receive notice of all proposed water bank <br /> transactions as set forth in Rules 12.8 and 12.99 herein, and may elect to receive such notice by <br /> first class mail or by electronic mail. Persons may be required to pay a fee, not to exceed twelve <br /> dollars per year, to be placed on the Water Bank Notification List to cover administrative costs. <br /> Rule 12.8 Transactional Procedures. <br /> A. After the water bank operator negotiates a lease or option agreement between the seller and buyer of <br /> the deposited water, the water bank operator will provide the State and Division Engineer with a <br /> signed agreement describing the transaction, including but not limited to the amount of water, the <br /> place of use, and the proposed time of use. (If needed, the bank will provide a standard <br /> agreement form). If the proposed lease/option shall require delivery of water into a different <br /> distribution system, the seller or buyer shall provide written consent of the owner or operator of <br /> the receiving facility or system, including any terms or conditions related to the use of such facility <br /> or system. The lease or option agreement also shall include a provision addressing procedures <br /> to be followed upon a breach of the agreement by either party. <br /> B. Within two (2) business days of sending the lease or option agreement to the State and Division <br /> Engineers, the water bank operator shall provide written notice of the proposed transaction by <br /> first class mail or electronic mail to all persons who have subscribed to the Water Bank <br /> Notification List, and shall provide proof of such notice to the State and Division Engineers. The <br /> notice shall include the names and addresses of the parties to the transaction, a description of <br /> the water right involved, and a description of the proposed transaction, including but not limited to <br /> the amount of water, the historic place of use, the proposed new place of use, the proposed time <br /> of use, and the proposed type of use. The water bank also shall post the notice on its website. <br /> C. The State and Division Engineers shall allow persons or entities thirty (30) days after the date of <br /> mailing of the notice in Rule 12.8.13 to file written comments on the transaction. Such comments <br /> shall include any claim of injury or any terms and conditions that should be imposed upon the <br /> transaction to prevent injury to a party's water rights, and any other information the person or <br /> entity wishes the State and Division Engineers to consider in reviewing the proposed transaction. <br /> D. Within five (5) business days after the close of the comment period described in Rule 12.8.C, the <br /> State and Division Engineers, after consideration of the comments received on the transaction, <br /> will provide the seller and buyer, and any person or entity who has submitted written comments, <br /> with terms and conditions necessary for implementing the agreement. The terms and conditions <br /> shall include any necessary and/or desirable limitations upon the time, place or type of use of the <br /> water made available through the water bank, or other terms and conditions as deemed <br /> necessary to prevent injury to vested water rights, including dry-up provisions where applicable. <br /> In making the determinations necessary to developing such terms and conditions, the State and <br /> Division Engineers shall not be required to hold or conduct any formal hearings or proceedings, <br /> but may hold or conduct a hearing or formal proceeding if the State and Division Engineers find it <br /> necessary to address the issues. Any such hearing shall be held pursuant to the Division of <br /> Water Resources Procedural Regulations, 2 CCR-402-5. <br /> E. Upon acceptance by the buyer and seller of the State and Division Engineers'terms and conditions, <br /> the water bank operator may finalize the agreement between the seller and buyer. Once the <br /> agreement is finalized and all parties, including the water bank, have been properly <br /> Code of Colorado Regulations 6 <br />