STRATEGIC WATER RESERVE FUND

Formally defined the Strategic Water Reserve Fund as a state treasury account containing distributions, appropriations, gifts, grants, donations, and investment income.

Added a reversion rule where unspent funds exceeding $15 million at fiscal year end must return to the general fund.

Added a five-year spending cap limiting 25% of expenditures to aquifer recharge and groundwater depletion reduction purposes.

Established that the Commission must develop acquisition priorities in consultation with interstate compact commissioners, state agencies, and various local organizations including tribes, counties, municipalities, and water planning regions.

Added specific usage requirements including compliance with interstate compacts, assistance for threatened species programs limited to aquatic or riparian species, and groundwater recharge efforts.

Added restrictions prohibiting the Commission from acquiring water served by acequias, community ditches, or irrigation districts, and prohibiting condemnation of water rights.

Added a requirement that water rights acquired must have sufficient seniority and historic beneficial use to effectively contribute to the reserve's purpose.

Added a prohibition against converting surface water leased for the reserve to groundwater except through natural passive infiltration through the streambed.

Added a requirement that water in the reserve shall not be subject to forfeiture under Chapter 72 NMSA 1978.

Added a requirement that water or water rights can only be acquired with explicit Commission approval.