Arizona Laws 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:
Terms Used In Arizona Laws 45-2457.01
- Department: means the department of water resources. See Arizona Laws 45-101
- Director: means the director of water resources, who is also the director of the department. See Arizona Laws 45-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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.