45-2457.01. Exchange of long-term storage credits; limitations; fees
198 words·~1 min read·
/az/title-45/45-2457-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
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.