A. The legislature finds that:

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(1)     New Mexico is in a desert where water is a scarce resource;

(2)     the economy depends on reasonable and fair allocation of water for all purposes;

(3)     the public welfare depends on efficient use and conservation of water; (4)     New Mexico must comply with its delivery obligations under interstate compacts; and

(5)     public confidence and support for water use efficiency and conservation is based on a reasonable balance of investments in water infrastructure and management.

B. The purpose of the Water Project Finance Act is to provide for water use efficiency, resource conservation and protection and fair distribution and allocation of New Mexico’s scarce water resources for beneficial purposes of use within the state.