45-2473. Arizona water banking authority;
interstate water banking; accounting
(Conditionally Rpld.)
A. For each year during which the Arizona water banking authority is owed or
receives monies pursuant to an interstate water banking agreement with the state of
Nevada, or any agency or political subdivision of the state of Nevada, including the
southern Nevada water authority, the Arizona water banking authority shall provide a full
report to the joint legislative budget committee that accounts for all of the monies
received through the interstate water banking agreement and shall account for all
disbursements made with those monies, including monies used to purchase or store water or
otherwise fulfill contractual obligations with the state of Nevada under that agreement.
The Arizona water banking authority shall include in these reports any prepaid monies to
the central Arizona project, any monies received under the agreement that are placed in
an account with the state treasurer and any contract that obligates the Arizona water
banking authority to pay or disburse these monies to any other entity, including the
central Arizona project.
B. The Arizona water banking authority shall submit the report prescribed in
subsection A of this section to the joint legislative budget committee on or before
October 1 following the fiscal year for which the report is made.
C. Pursuant to section 35-115, the budget request for the department of water
resources shall include a separate accounting of the Nevada interstate water banking
subaccount. This information shall appear in the same format and detail as required for
the Arizona water banking fund.
D. The Arizona water banking authority shall not spend, encumber, lend or in any
other way use the monies received pursuant to the interstate water banking agreement
except to pay the costs directly incurred in meeting the Arizona water banking
authority's obligations pursuant to the agreement and section 45-2425.
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