AZ HB2543

Arizona Water Banking Authority may exchange long-term storage credits from one active management area for credits in another active management area using monies from section 45-611, subsection C, paragraph 3, on or before December 31, 2019.

Director must determine that the exchange is beneficial to state water management and will not substantially impair the authority's ability to meet its firming obligation under section 45-2491.

Agreement terms cannot extend beyond December 31, 2026, and the authority may distribute or extinguish exchanged credits for any purpose authorized under section 45-2457, subsection B, paragraph 6 for any active management area.

Exchanges are exempt from department of water resources fees for assignment of long-term storage credits under section 45-854.01.

Section expires and is repealed on December 31, 2030; bill takes effect immediately as an emergency measure.