The bill establishes the "Strategic Water Reserve Fund" within the state treasury, which will be administered by the Interstate Stream Commission. The fund will consist of various financial sources, including appropriations and donations, and any unspent balance at the end of the fiscal year will not revert to the general fund unless it exceeds $15 million. The commission is tasked with using the fund to support water management and conservation efforts, particularly those aimed at aquifer recharge and reducing groundwater depletion. Additionally, the bill allows the commission to prioritize water transactions that provide supplementary benefits alongside the authorized purposes.

Furthermore, the bill amends existing law to enhance the powers of the Interstate Stream Commission regarding the strategic water reserve. It outlines the commission's authority to acquire water rights and emphasizes that such acquisitions must not increase net depletions in any basin. The commission is also required to develop priorities for water acquisition in consultation with various stakeholders, including Indian nations and local governments. The bill includes provisions to ensure that water rights acquired for the reserve are used solely for its intended purposes and mandates annual reporting to the legislature on the reserve's status.

Statutes affected:
introduced version: 72-14-3.3
Final Version: 72-14-3.3