Section 45-118 - [Repealed effective 4/1/2027] Arizona system conservation fund; purpose; reportA. The Arizona system conservation fund is established consisting of legislative appropriations, grants and contributions from private and public entities. The director shall administer the fund. Monies in the fund are continuously appropriated for the purposes of this section. The director may spend monies from the fund to contract with Colorado River water users in this state that hold entitlements to Colorado River water under the decree in Arizona v. California to forgo water deliveries or diversions for the purpose of creating system conservation. Contracts entered into pursuant to this section are exempt from title 41, chapter 23.B. System conservation created through the use of the fund shall provide for Colorado River water to be conserved in Lake Mead through a verified reduction in existing consumptive use in order to decrease the likelihood of lake elevations dropping to levels that could result in reductions to this state's Colorado River allocation. System conservation must be created for the benefit of the Colorado River system and not for the benefit of any individual Colorado River water user.C. On notice from the director, the state treasurer shall invest and divest monies earned as provided by section 35-313, and monies earned from investment shall be credited to the fund. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.D. Beginning July 1, 2021 and on July 1 each year thereafter, the director shall submit a detailed report to the governor, the president of the senate and the speaker of the house of representatives and provide a copy of this report to the secretary of state. The report shall describe the expenditures made from the fund during the previous fiscal year and the volume of water that was conserved in Lake Mead.Repealed by L. 2019, ch. 1,s. 2, eff. 3/31/2027.Added by L. 2019, ch. 1,s. 1, eff. 1/31/2019.