AZ SJR1003

Authorizes the director of the Arizona Department of Water Resources to forbear (forgo) Arizona's rights to certain quantities of "intentionally created surplus" water from the Colorado River created through partnerships between Colorado River entitlement holders in Arizona, California, or Nevada and Mexico.

Requires that Mexico agree to reduce its Colorado River water deliveries in the same years Arizona faces shortage-related reductions, and allows formation of partnerships between U.S. entitlement holders and Mexico to supplement the lower Colorado River mainstream.

Permits the director to enter into the 2017 Lower Colorado River Basin Forbearance Agreement for Binational Intentionally Created Surplus and additional similar agreements, provided Arizona water users will not be adversely affected.

Requires the director to notify the President of the Senate, Speaker of the House, Governor, and relevant legislative committees of any agreement entered into under this authority.

Sunsets the director's authority to enter into agreements under this resolution on December 31, 2017.