2005 Arizona Revised Statutes - Revised Statutes §45-2473  4

(Conditionally Rpld.)

A. For each year during which the Arizona water banking authority is owed or receives monies pursuant to an interstate water banking agreement with the state of Nevada, or any agency or political subdivision of the state of Nevada, including the southern Nevada water authority, the Arizona water banking authority shall provide a full report to the joint legislative budget committee that accounts for all of the monies received through the interstate water banking agreement and shall account for all disbursements made with those monies, including monies used to purchase or store water or otherwise fulfill contractual obligations with the state of Nevada under that agreement. The Arizona water banking authority shall include in these reports any prepaid monies to the central Arizona project, any monies received under the agreement that are placed in an account with the state treasurer and any contract that obligates the Arizona water banking authority to pay or disburse these monies to any other entity, including the central Arizona project.

B. The Arizona water banking authority shall submit the report prescribed in subsection A to the joint legislative budget committee on or before October 1 following the fiscal year for which the report is made. The report submitted on or before October 1, 2006 shall contain the information for both fiscal years 2004-2005 and 2005-2006.

C. The Arizona water banking authority shall not spend, encumber, lend or in any other way use the monies received pursuant to the interstate water banking agreement except to pay the costs directly incurred in meeting the Arizona water banking authority's obligations pursuant to the agreement and section 45-2425.