(a) The executive administrator shall develop and implement, with board approval, a fee to be paid either upon deposit of a water right or right to use water into the bank, upon transfer of the water right or right to use water or portion thereof while on deposit in the bank, or upon both such occurrences. Such fee shall not exceed 1.0% of the value placed upon the water right or right to use water by the depositor upon deposit into the bank, and 1.0% of the value of the water right or right to use water transferred while on deposit in the water bank. Fees shall be due within 60 days of deposit of the water right or right to use water into the bank, and within 60 days of transfer of such rights. The value of the water right or right to use water shall be calculated upon deposit into the bank as the value placed on the water right or right to use water by the depositor. The value of the water right or right to use water shall be calculated upon transfer as the value of the water right sale or total value of any contract or contracts to use the water.
(b) Fees associated with deposits to or transfer from the Texas Water Trust of water rights or rights to use water are waived.
(c) As necessary, the executive administrator shall obtain board approval of the fee schedule. The executive administrator shall provide notice in the Texas Register 30 days before board action considering approval of such fee schedule, and shall provide copies of the proposed fee schedule upon request. In approving such fee schedule, the board shall consider the expenses of operating the bank.

Source Note: The provisions of this §359.14 adopted to be effective November 9, 1999, 24 TexReg 9843; amended to be effective June 10, 2003, 28 TexReg 4431