1. Notwithstanding the provisions of any other law, the Commission or any other public entity created by or pursuant to the laws of this state may enter into: (a) An agreement to acquire any interest in supplemental water or to forbear the use of that supplemental water; or (b) An agreement ancillary to an agreement described in paragraph (a), only as provided in this section. 2. The Commission shall, as early as practicable and on a continuing basis, inform any water purveyor which has or can develop the ability to divert supplemental water from the Colorado River of its communications with any person or entity, which the Commission believes is credible and responsible, concerning a specific opportunity to negotiate and enter into an agreement described in subsection 1. 3. Any water purveyor which has or can develop the ability to divert supplemental water from the Colorado River shall, as early as practicable and on a continuing basis, inform the Commission of its communications with any person or entity, which the water purveyor believes is credible and responsible, concerning a specific opportunity to negotiate and enter into an agreement described in subsection 1. 4. If a water purveyor which has or can develop the ability to divert supplemental water from the Colorado River notifies the Commission in writing that it wishes to explore a specific opportunity to negotiate and enter into an agreement described in subsection 1, all investigations, consultations and negotiations relating to such an agreement must be conducted by the Commission and the water purveyor, as nearly as may be, as a joint undertaking. The Commission and the water purveyor may enter into an agreement governing the joint undertaking. 5. Notwithstanding any other law: (a) A public entity described in subsection 1 shall not enter into any agreement described in that subsection unless the Commission is a party to that agreement. (b) The Commission shall not enter into any agreement described in subsection 1, if a water purveyor will be expected to provide money necessary for the Commission to perform any financial obligation or other obligation pursuant to the provisions of the agreement, unless that water purveyor is a party to the agreement.
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