1. If a county of origin has not imposed a fee on the transfer of water pursuant to NRS 533.438, an applicant and the governing body of the county of origin may execute a plan to mitigate the adverse economic effects caused by the transfer of water from the county of origin to another county. If such a plan is executed, the plan is binding on the county of origin and the applicant or his or her successor.
2. A plan to mitigate the adverse economic effects caused by the transfer of water from the county of origin to another county may include, but is not limited to, provisions concerning:
(a) The reservation of designated water rights to the county of origin; and
(b) Compensation for the foreseeable effects of the transfer.
3. If a plan is executed pursuant to subsection 1, the applicant shall submit the plan to the State Engineer. The State Engineer may modify a plan executed pursuant to subsection 1 if a provision of the plan:
(a) Violates a specific statute; or
(b) Becomes impossible or impracticable to put into effect.
(Added to NRS by 1991, 1368; A 2005, 499)