(1) The state engineer shall establish a storage account for each groundwater recharge and recovery project for which a permit has been issued.
(2) In accordance with specifications of the state engineer, any person holding a groundwater recharge or recovery permit shall:
(a) monitor the operation of the project and its impact on land, the groundwater aquifer, and water rights within the project's area of hydrologic impact; and
(b) file reports with the state engineer regarding:
(i) the quantity of water stored and recovered; and
(ii) the water quality of the recharged water, receiving aquifer, and recovered water.