45th legislature - STATE OF NEW MEXICO - second session, 2002

RELATING TO WATER; PROVIDING FOR THE PURCHASE OF WATER RIGHTS ALONG THE PECOS RIVER BASIN FOR COMPLIANCE WITH THE PECOS RIVER COMPACT; PROVIDING FOR THE PURPOSE AND EXTENDING THE EXPENDITURE PERIOD.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. PECOS RIVER WATER RIGHTS--PROVIDING FOR THE PURPOSE AND EXTENDING THE EXPENDITURE PERIOD.--

A. The period of time in which the New Mexico irrigation works construction fund appropriation, made pursuant to Laws 1998, Chapter 81, Section 3 for the purchase of water rights along the Pecos river basin, and Laws 1998, Chapter 81, Section 4 for the purpose of preparing a long-term strategy for the state's permanent compliance with the Pecos River Compact and other matters, and Laws 1999 (1st S.S.), Chapter 2, Section 84 for the purchase of water rights along the Pecos river basin, may be expended shall be extended through fiscal year 2004 for the purpose of retiring water rights along the Pecos river basin and taking other appropriate actions that would effectively aid New Mexico in compliance with the United States supreme court amended decree in Texas v. New Mexico, No. 65 original. Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the New Mexico irrigation works construction fund.

B. The interstate stream commission shall, before any purchase of water rights are made using the money appropriated, obtain professionally prepared market or economic valuations or appraisals. The valuations or appraisals along with other relevant considerations shall be the basis for any purchase.