(a) For the 2004–05 fiscal year, and each fiscal year thereafter, not less than 50 percent of the funds made available pursuant to subdivision (d) of Section 79550 for acquisition of water for the CALFED environmental water account shall be expended for long-term water purchase contracts, permanent water rights, and associated costs.
(b) The California Bay-Delta Authority shall report annually to the Legislature on the state’s efforts in acquiring long-term purchase contracts and permanent water rights in accordance with this section.