§ 45-2457.01 Exchange of long-term storage credits; limitations; fees

AZ Rev Stat § 45-2457.01 (2019) (N/A)

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45-2457.01. Exchange of long-term storage credits; limitations; fees

A. On or before December 31, 2019, the authority may enter into agreements to exchange long-term storage credits accrued or purchased in one active management area with monies collected pursuant to section 45-611, subsection C, paragraph 3 for long-term storage credits held by other persons in another active management area, on request of the director, if the director determines both of the following:

1. The exchange is beneficial to water management in this state.

2. The exchange will not substantially impair the authority's ability to meet its firming obligation under section 45-2491.

B. The term of any agreement entered into pursuant to subsection A of this section shall not extend beyond December 31, 2026.

C. Notwithstanding section 45-2457, subsection B, paragraph 6, the authority may distribute or extinguish long-term storage credits obtained by exchange pursuant to subsection A of this section for any purpose otherwise authorized under section 45-2457, subsection B, paragraph 6 for the benefit of any active management area.

D. An exchange of long-term storage credits pursuant to subsection A of this section is exempt from any fee established by the department of water resources for an assignment of long-term storage credits pursuant to section 45-854.01.

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