25-10.2 Purpose; Creation of City Water Bank.
A. The purpose of the City Water Bank Ordinance is to establish a city water bank consisting of various accounts holding water rights, water credits and water conservation credits.
B. In the city's account shall be placed consumptive use water rights purchased by the city or leased by the city, water conservation credits obtained by the city under the water conservation credit program pursuant to Section 25-11 SFCC 1987, and consumptive use water rights obtained through infrastructure projects allowing reuse of water or return flow credits.
C. In separate accounts in the name of the person or entity transferring water to the city shall be placed consumptive use water rights transferred to the city pursuant to Section 25-12 SFCC 1987 the water rights transfer program and office of the state engineer policies, guidelines and procedures, and water conservation credits transferred to the bank by customers pursuant to Section 25-11 SFCC 1987.
(Ord. #2009-38, §19)
25-10.3 Water Bank Transactions.
A. Consumptive use water rights, water credits and water conservation credits may be transferred to the city water bank by any of the following entities:
(1) The city to hold consumptive use water rights derived from water rights purchases, leases and water conservation credits obtained from retrofit rebates and from donation from customers signing conservation contracts; and infrastructure projects allowing reuse of water and return flow credits;
(2) Water customers to hold water conservation credits transferable within the city of Santa Fe's water system obtained through water conservation contracts as set forth in the water conservation credit program pursuant to Section 25-11 SFCC 1987; and
(3) Water rights transfer program transferors to hold water credits consisting of consumptive use water rights transferred to the city as set forth in Section 25-12 SFCC 1987 and pursuant to the office of the state engineer policies, guidelines and procedures which credits may be applied to new development projects requesting service from the city's water system.
B. All water rights, water credits and water conservation credits held in the city water bank shall be accounted for in units of acre feet per year.
C. Upon request of an entity in whose name water rights, water credits or water conservation water credits are on deposit in the city water bank, the city water bank shall:
(1) Transfer the water rights, water credits or water conservation credits to another entity as directed;
(2) Issue a water dedication form that applies those water rights, water credits or water conservation credits to a specific development water budget, or
(3) Issue a water dedication form that applies the water rights, water credits or water conservation credits to the public purpose as directed.
D. Water rights or water conservation credits in the city's account may be designated for specific purposes pursuant to resolution of the governing body adopted under the city water budget process set forth in subsection 25-9.5(B)(1) SFCC 1987 and applied to that purpose by a water dedication form.
E. Banked water credits or water conservation credits may be sold or assigned at any time by the owner, providing the owner notifies the city in writing of such a change in ownership. If the owner's assign does not have a water bank account established, the city shall establish a water bank account in the assign's name for the purpose of water credit or water conservation credit assignment.
F. If, in the event the city no longer requires developers to offset the anticipated demand of their development project, water credits held by water rights transfer program transferor and water conservation credits held by water customers under the water conservation credit program in the city water bank can be sold to the city at current market value.
(Ord. #2009-38, §20)