45-2624 - Arizona Statutes

45-2624. Southside replenishment bank; credits A. The southside replenishment bank is established as a separate bank in the records of the authority. The authority shall establish an account in the southside replenishment bank for the community. B. Beginning with the first calendar year in which this section becomes effective, the authority shall annually deliver to the community in the manner provided in subsection D of this section, and at no cost to the community, not less than one thousand acre-feet of water acquired by the authority under chapter 14 of this title until the community's account has a credit balance of fifteen thousand acre-feet. The authority shall register one credit to the community's account for each acre-foot of water delivered to the community under this subsection. C. If any debit registered to the southside replenishment bank under section 45-2623, subsection C, paragraph 4 causes the community's account to have a credit balance of less than five thousand acre-feet, the authority shall deliver water to the community in the manner provided in subsection D of this section in an amount sufficient to bring the balance up to at least five thousand acre-feet by the end of the calendar year. D. The authority shall enter into an intergovernmental agreement with the community pursuant to title 11, chapter 7, article 3, which shall describe in detail the procedures for the delivery of water to the community under this section, including the method by which the community will schedule and order water that the authority is required to deliver to the community under subsections B and C of this section. The procedures shall not require the authority to deliver in any month more than eleven per cent of the water required to be delivered during a year under subsection B of this section.