Section 72-1-2.3 - Lower Pecos river basin below Sumner lake water bank; acequia and community ditch water banks; interstate stream commissionA. The interstate stream commission may recognize a water bank established by an irrigation district, a conservancy district, an artesian conservancy district, a community ditch, an acequia or a water users association in the lower Pecos river basin below Sumner lake for purposes of compliance with the Pecos River Compact [72-15-19 NMSA 1978].B. The interstate stream commission shall propose and recommend to the state engineer for adoption rules for recognition of a water bank that include: (1) criteria, terms and conditions for deposit of a water right in the bank;(2) terms and conditions for the accrual, pooling, exchange, assignment and conditions of the deposit of a water right;(3) procedures for recording and annual reporting of all transactions to the interstate stream commission and the state engineer; and(4) procedures for the water bank to temporarily transfer deposited water to new purposes and places of use and points of diversion without formal proceedings before the state engineer.C. A lower Pecos river basin below Sumner lake water bank may contract with a person to accrue, pool, exchange, assign or lease water rights to facilitate compliance with the Pecos River Compact. A transaction and transfer of water by a water bank in the Pecos river basin shall:(1) not impair other water rights;(2) not deplete water in the system above that level that would have occurred in the absence of the transaction;(3) comply with state law; and(4) be within the same stream system or underground water source. Laws 2002, ch. 77, § 1; 2003, ch. 54, § 2; 2003, ch. 132, § 2.