1. The State Engineer shall establish a storage account for each project for which the State Engineer has issued a permit. If the project stores water from more than one source, the State Engineer shall establish subaccounts for each source of water.
2. The holder of a permit for a project may recover only the recoverable amount of water that is stored by the project.
3. For the purposes of this section, “recoverable amount” means the amount of water, as determined by the State Engineer, that has reached the aquifer and remains within the area of active management.