(a) The Town shall have the right and power to buy, appropriate, adjudicate, sell, condemn, exchange, lease, own, control and otherwise deal in water and geothermal water rights including the right to compel the dedication and conveyance of all water rights associated with real property as a condition precedent to obtaining or maintaining water or other municipal services from the Town.

(b) The Council may adopt procedures to identify document, and permanently record the ownership of all water and geothermal water rights associated with all property located within the Town. Nothing contained in this section shall be construed as prohibiting the Council from adopting appropriate ordinances, which limit or prohibit the transfer or application of water associated with one parcel or development to another parcel or development.

(c) No franchise, right, or privilege shall be granted affecting the use of water, geothermal water or water rights belonging to the Town, or affecting its water systems, without retaining ownership of such property in the Town. No such franchise right or privilege shall allow or create an encumbrance on such property in favor of a third party, or be for a term exceeding ten (10) years. Any such franchise, right, or privilege shall terminate automatically if necessary to preserve or maintain the property or right of the Town’s ownership. (Amended January 17, 2019)