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Code of Colorado Regulations <br /> Secretary of State <br /> State of Colorado <br /> DEPARTMENT OF NATURAL RESOURCES <br /> Division of Water Resources <br /> RULES GOVERNING THE ARKANSAS RIVER WATER BANK PILOT PROGRAM <br /> 2 CCR 402-12 <br /> [Editor's Notes follow the text of the rules at the end of this CCR Document.] <br /> AUTHORIZATION <br /> These rules are promulgated pursuant to the authority granted the State Engineer in sections 37-80.5-101 <br /> et seq. , C.R.S. to implement a water banking program in the Arkansas River Basin. <br /> ORDER OF THE STATE ENGINEER <br /> IT IS ORDERED that the following rules governing the Arkansas River Water Bank Program are adopted <br /> by the State Engineer. <br /> Rule 12.1 Title. <br /> The title of these rules is "The Rules Governing the Arkansas River Water Bank Program." The short title <br /> for these rules is "Water Bank Rules" and they may be referred to herein collectively as the "rules" or <br /> individually as a "rule." <br /> Rule 12.2 Scope and Purpose. <br /> A. These rules apply to the establishment and operation of a water bank for owners of stored water in the <br /> Arkansas River Basin and its tributaries. <br /> B. The purpose of these rules is to implement a water bank that simplifies and facilitates water leasing, <br /> loans and exchanges, including interruptible supply agreements, of stored water within the <br /> Arkansas River Basin; and to reduce the costs associated with such transactions. Further, it is <br /> also the purpose of these rules to increase the availability of water-related information and assist <br /> farmers and ranchers by developing a mechanism to realize the value of their water right assets <br /> without forcing the permanent severance of those water rights from the land. <br /> C. These rules shall not permit any expansion of use of stored water deposited into and leased, loaned, <br /> optioned or exchanged through the water bank. <br /> D. Nothing in these rules is intended to restrict the ability of the holder of a water right to sell, lease, <br /> option or exchange that water right in any other manner that is currently permitted under <br /> Colorado law. These rules shall not be implemented in a manner that would cause material injury <br /> to the owner of or persons entitled to use water under a vested water right or a decreed <br /> conditional water right. <br /> Rule 12.3 Definitions. <br /> A. As used in these rules: <br /> 1. "Bankable water" means any Legally Stored Water that meets the necessary criteria <br /> established by these rules. Direct flow water rights are not included in this definition. <br /> Code of Colorado Regulations 1 <br />