The Arkansas Natural Resources Commission shall:
(1) Inventory the surface water resources and underground water resources within this state;
(2) Determine the surface water requirements for fish and wildlife;
(3) Determine the surface water requirements for navigation;
(4) Establish minimum stream flows;
(5) Determine the water needs of public water supplies;
(6) Determine the water needs for industry;
(7) Determine the water needs for agriculture, taking into account the decreasing groundwater tables and the resulting future needs for surface water to augment groundwater supplies;
(8) Determine the water needs of all other users;
(9) Propose a definition of critical water areas and delineate areas which are now critical or which will be critical within the next thirty (30) years;
(10) Define the term “excess surface water” and determine the quantity of the excess surface water within the state and where it is located;
(11) Define the term “safe yield” of a stream, river, or river basin, and a groundwater aquifer;
(12) Report periodically to the House Committee on Agriculture, Forestry, and Economic Development and the Senate Committee on Agriculture, Forestry, and Economic Development;
(13) Declare and delineate surplus or excess surface water areas within the state based on a determination that surface water in a defined geographic area is in excess of the amount required for the foreseeable economic development needs of the defined geographic area;
(14) Develop guidelines for evaluation of any proposed interbasin transfers in order that the areas of origin would be protected from serious adverse effects during periods of low streamflow; and
(15) Develop guidelines for determining the amount of compensation, if any, to interested parties within the area of origin who incur damages as a result of a proposed transfer, including claims of individual water rights holders, adverse effects upon the political subdivisions involved, and adverse environmental effects.