The proposed 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 bill stipulates that the fund's resources are to be used primarily for water management and conservation efforts aimed at aquifer recharge and reducing groundwater depletion, with a limit that no more than 25% of expenditures over a five-year period can be allocated for these purposes.

Additionally, the bill amends existing law to enhance the powers of the Interstate Stream Commission regarding the strategic water reserve. It allows the commission to prioritize water transactions that provide supplementary benefits, such as supporting traditional practices or improving habitats, alongside the primary goals of the reserve. The commission is also tasked with developing acquisition priorities in consultation with various stakeholders and ensuring that the cumulative impacts of the reserve do not adversely affect existing water users. Furthermore, the commission is required to report annually to the legislature on the status of the strategic water reserve.

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