Lower Pecos river basin below Sumner lake water bank;

acequia and community ditch water banks; interstate stream commission. A. 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.