Depositors shall pay the board a transaction fee upon the transfer of each water right deposited in the bank, or upon a transfer of a deposited water right that occurs within one calendar year of withdrawal from the bank. The fee shall be $10 for transfers of ten acre-feet per year or less, with an additional fee of $1.00 for each additional acre-foot per year over ten acre-feet per year, up to a maximum of $500 per transfer. Fees are due on the effective date of transfer and are delinquent 60 calendar days thereafter. Failure to timely pay the fee will result in the automatic removal of the water right from the bank. In the case of a removal, the administrator shall immediately notify the commission of that action. The method of remittance shall be specified by the administrator. Political subdivisions of the state are exempt from this transaction fee.

Source Note:The provisions of this §359.14 adopted to be effective May 13, 1994, 19 TexReg 3257.