Creates the Columbia river water delivery account in the state treasury.

Provides, on July 1, 2008, and each July 1st thereafter for the duration of the agreements described in this act, the state treasurer shall transfer funds from the general fund into the Columbia river water delivery account in the amounts described in this act.

Appropriations are made for distribution to affected counties to mitigate for negative impacts caused by releases of Lake Roosevelt water; and to retain a contractor to perform an independent analysis of legislative options to protect rural communities in northeast Washington from disproportionate economic, agricultural, and environmental impacts when upstrem water rights are purchased and transferred for use, or idled and used as mitigation, in a downstream watershed or county.