It is declared that the public policy of this state and the general purposes of this article are:
1. To protect the general economy and welfare of this state and its citizens by wise resource management of the water of the central Arizona project.
2. To store for future needs or use for replenishment purposes the central Arizona project water not now utilized by central Arizona project subcontractors.
3. To provide an additional source of water for times of serious water shortage due to a substantial reduction in the supply of central Arizona project water available for delivery to central Arizona project subcontractors or a prolonged interruption of deliveries of central Arizona project water.