(1) The board shall establish a program for the leasing of agricultural water from agricultural water users for the benefit of the Great Salt Lake. (2) The board shall annually set rates under the program for the leasing of agricultural water from an agricultural water user. When determining rates for a lease under this chapter, the board shall consider the five-year average price for alfalfa hay, based on the United States Department of Agriculture Utah Direct Hay Report. (3) (a) The board shall at least annually accept applications for the leasing of agricultural water for the benefit of the Great Salt Lake. (b) The board shall at least annually award the leases of agricultural water under the program. (4) Subject to Section 73-34-302, the board shall establish ranking and other criteria to determine from whom the board may lease agricultural water, except that the board shall prioritize senior adjudicated water rights. (5) The board shall work cooperatively with the commissioner related to the commissioner's negotiation of agreements, leases, or other means to acquire or lease water or water rights for the benefit of the Great Salt Lake under Section 73-32-202. (6) The board may, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make rules establishing: (a) the process for setting rates under Subsection (2); (b) how a person submits an application, including the information required to be submitted; (c) the criteria for awarding leases; (d) conditions the board imposes on the award of a lease; and (e) other matters necessary to administer leases under this chapter.
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