If the state transportation commission, holding any water rights to be used for the construction, reconstruction, maintenance or repair of public roads, streets, highways and airports, transfers ownership of all of its water rights in one basin under which there has been an accrual of unused water, any accrued unused water shall lapse and revert to unappropriated water and the right to such water shall not pass on such transfer. If a partial water right or one of several water rights within a declared underground basin or irrigation or conservancy district is transferred, the accrued unused water, if any, shall not pass to the transferee but may be moved in accordance with the provisions of Section 72-5-34 NMSA 1978 to the point of diversion of a water right retained by the state transportation commission within the same basin but not to exceed five times the annual amount of the water right retained.
History: 1953 Comp., § 75-5-35, enacted by Laws 1959, ch. 191, § 4; 2003, ch. 142, § 94.
ANNOTATIONSThe 2003 amendment, effective July 1, 2003, added the section heading; substituted "state transportation commission" for "state highway commission" in two places; and substituted "Section 72-5-34 NMSA 1978" for "Section 1 hereof" near the end of the section.