A. The interstate stream commission may recognize a water bank established by an irrigation district, a conservancy district, an artesian conservancy district, a community ditch, an acequia or a water users association in the lower Pecos river basin below Sumner lake for purposes of compliance with the Pecos River Compact [72-15-19 NMSA 1978].

B. The interstate stream commission shall propose and recommend to the state engineer for adoption rules for recognition of a water bank that include:

(1) criteria, terms and conditions for deposit of a water right in the bank;

(2) terms and conditions for the accrual, pooling, exchange, assignment and conditions of the deposit of a water right;

(3) procedures for recording and annual reporting of all transactions to the interstate stream commission and the state engineer; and

(4) procedures for the water bank to temporarily transfer deposited water to new purposes and places of use and points of diversion without formal proceedings before the state engineer.

C. A lower Pecos river basin below Sumner lake water bank may contract with a person to accrue, pool, exchange, assign or lease water rights to facilitate compliance with the Pecos River Compact. A transaction and transfer of water by a water bank in the Pecos river basin shall:

(1) not impair other water rights;

(2) not deplete water in the system above that level that would have occurred in the absence of the transaction;

(3) comply with state law; and

(4) be within the same stream system or underground water source.

History: Laws 2002, ch. 77, § 1; 2003, ch. 54, § 2; 2003, ch. 132, § 2.

Repeals. — Laws 2005, ch. 165, § 1 repealed Laws 2003, ch. 54, § 3 and Laws 2003, ch. 132, § 3, which would have repealed this section effective December 31, 2005.

Cross references. — For additional enactment concerning water banking, see 73-2-55.1 NMSA 1978.

The 2003 amendment, effective June 20, 2003, substituted "a water users" for "water user's" following "ditch, and acequia or" in Subsection A; deleted former Subsection C pertaining to an acequia or community ditch establishing a water bank for temporarily reallocating water; redesignated Subsection D as present Subsection C; and deleted Subsection E which read: "All authorities provided by this act shall terminate on December 31, 2005".

Laws 2003, ch. 54, § 2 and Laws 2003, ch. 132, § 2, both effective June 20, 2003, enacted identical amendments to this section. The section was set out as amended by Laws 2003, ch. 132, § 2. See 12-1-8 NMSA 1978.

Remedying past failures to perform. — There is nothing in the nature of compacts generally or of the Pecos River Compact in particular that counsels against rectifying a failure to perform in the past as well as ordering future performance called for by the compact. Tex. v. N.M., 482 U.S. 124, 107 S. Ct. 2279, 96 L. Ed. 2d 105 (1987).

The matter of remedying past water shortages caused by New Mexico's underdeliveries was returned to a special master for such further proceedings as he deemed necessary and for his ensuing recommendation as to whether New Mexico should be allowed to elect a monetary remedy and, if so, to suggest the size of the payment and other terms that the state must satisfy. Tex. v. N.M., 482 U.S. 124, 107 S. Ct. 2279, 96 L. Ed. 2d 105 (1987).

Decree ordering state to comply with compact and appointing river master. Tex. v. N.M., 485 U.S. 388, 108 S. Ct. 1201, 99 L. Ed. 2d 450 (1988).