§ 37-80.5-102 — Legislative declaration

Colorado § 37-80.5-102

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Arkansas River Water Bank Pilot Program

Text

The general assembly hereby finds,
determines, and declares that the purpose of this article is to authorize the creation
of water banks within each water division to be operated under strict parameters
established by rules approved by the water court. Accordingly, this article provides
for the promulgation of rules concerning water banks and requires the water court
to approve the rules and the state engineer to report to the general assembly
regarding the operation of the banks. The water bank program created by this
article is intended to simplify and improve the approval of water leases, loans, and
exchanges, including interruptible supply agreements, of stored water within each
river basin, reduce the costs associated with such transactions, and increase the
availability of water-related information. It is also the purpose of the water banks to
assist farmers and ranchers by developing a mechanism to realize the value of their
water rights assets without forcing the permanent severance of those water rights
from the land. The general assembly affirms the state constitution's recognition of
water rights as a private usufructuary property right, and this article is not intended
to restrict the ability of the holder of a water right to sell, lease, or exchange that
water right in any other manner that is currently permitted under Colorado law.
Further, this article is not intended to be implemented in any way that would cause
material injury to the owner of or persons entitled to use water under a vested
water right or a decreed conditional water right, nor to repeal or in any manner
amend the existing water rights adjudication system except as may be specifically
set forth in this article.

Legislative History

Source: L. 2001: Entire article added, p. 1060, � 1, effective June 5. L. 2003: Entire section amended, p. 2391, � 1, effective June 5.