Section 303.55 - Accounting for Contract Sale Water(a) The watermaster will transfer the full amount, or portion thereof, of water specified in an approved contract from the seller's to the buyer's account upon contract approval.(b) Upon transfer of contract sale water to buyer's account, subsequent use of water by buyer will be deducted from the contract water balance until the contract water balance equals zero or until the contract expiration date.(c) Any contract water balance remaining in buyer's account at the contract expiration date will be deducted from buyer's account and will be available for allocation to the system reserves and accounts according to § 303.22 of this title (relating to Allocations to Accounts).(d) Buyer may not sell any water via contract as long as his bought water balance is greater than zero.(e) At no time will buyer's or seller's Class A or Class B storage exceed 1.41 times the water right holder's recognized amount in acre-feet.30 Tex. Admin. Code § 303.55
The provisions of this §303.55 adopted to be effective July 2, 1986, 11 TexReg 2890; amended to be effective October 26, 2006, 31 TexReg 8716