(1) (a) On or before November 30 of each year, the governing body of a water bank shall submit to the board an annual report on the governing body's management of the water bank's operations for the previous reporting year on a form provided by the board that provides the information in Subsection (2). (b) Proof to the satisfaction of the board that the water bank has mailed, hand-delivered, or sent the annual report electronically is considered compliance with this Subsection (1). (2) The annual report shall include the following information for the prior reporting year: (a) a tabulation of the volume and change application number of water rights deposited in the water bank; (b) the nature of use of each banked water right before the banked water right was deposited in the water bank and the volumes of water allocated to each use before being deposited; (c) a tabulation of loaned water rights from that water bank, which includes: (i) the change application number; (ii) the volume of water derived from the loaned water rights; (iii) the nature of use of the loaned water rights and the volumes of water allocated to each use; and (iv) for a statutory water bank, the borrower; (d) for a statutory water bank: (i) the amounts charged for the loaned water rights, including a breakdown by nature of use if appropriate; (ii) the revenue generated by the statutory water bank, including the sources of revenue; (iii) the amounts paid out to depositors; (iv) the statutory water bank's expenses; (v) the balance at the end of the reporting year of the statutory water bank's bank account; (vi) the accounting practices used by the statutory water bank; (vii) whether there is pending or ongoing litigation involving the statutory water bank; (viii) whether there are, or have been, any governmental audits of the statutory water bank; (ix) any proposed amendments to an approved statutory water bank's procedures for the coming reporting year; (x) a narrative explanation of any inconsistencies in the annual report or in the operation of the statutory water bank; and (xi) a narrative explanation of how the statutory water bank is or is not fulfilling the objectives described in Section 73-31-104; and (e) a declaration or affidavit signed by at least two governing members of the statutory water bank stating that the information in the report is correct. (3) The board shall deliver a copy of the prescribed form to each water bank before August 30 of each year. (4) If the annual report contains the information required by this section, the board shall post notice of the annual report in accordance with Section 73-31-103. (5) If the annual report does not contain the information required by this section, the board shall promptly notify the reporting water bank in writing and return the report to the water bank for correction, providing a written explanation to the water bank that sets forth the information that needs to be corrected. The water bank shall remain in good standing if the water bank submits a corrected annual report that satisfies this section within 90 days of the written notice of the board. (6) If a water bank fails to submit an annual report by November 30, or fails to submit a corrected annual report within 90 days of the rejection of an annual report, the water bank is considered in noncompliance under this chapter.
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