(1) Any person shall have, to the full extent that the State of Arkansas can grant that right, the right to acquire absolute title to and use for any purpose water allocated for local use and stored in any reservoir created by the construction of a multipurpose dam by the United States Army Corps of Engineers for the United States Government or any agency thereof.
(2) The right shall vest in the person upon his or her compliance with the following conditions: Upon filing with the Arkansas Natural Resources Commission a notice of intent to negotiate and contract with the United States Government for the withdrawal of water from the reservoir; and
(3) Upon the person executing a contract with the United States Government or any agency thereof for the withdrawal of water from the reservoir and filing the contract with the commission.
(4) The notice of intent shall set forth in detail the name of the person who is filing the notice and the place of the reservoir.
(5) The act of filing the notice of intent shall empower the person to negotiate and contract with the United States Government or any agency thereof for the water.
(6) Any person who has acquired title to and use of water stored in a United States Government reservoir shall: File with the commission a certified copy of the contract made with the United States Government for the withdrawal of water; and
(7) Annually thereafter file with the commission a detailed report of the amount of water withdrawn and for what purpose the water is used.