The department, in cooperation with federally recognized Indian tribes, local governments, state agencies, and other interested parties, shall establish guidelines by July 1, 1992, governing the acquisition, administration, and management of trust water rights. The guidelines shall address at a minimum the following:
(1) Methods for determining the net water savings resulting from water conservation projects or programs carried out in accordance with this chapter, and other factors to be considered in determining the quantity or value of water available for potential designation as a trust water right;
(2) Criteria for determining the portion of net water savings to be conveyed to the state under this chapter;
(3) Criteria for prioritizing water conservation projects;
(4) A description of potential public benefits that will affect consideration for state financial assistance in RCW 90.42.030
(5) Procedures for providing notification to potentially interested parties;
(6) Criteria for the assignment of uses of trust water rights acquired in areas of the state not addressed in a regional water resource plan or critical area agreement; and
(7) Contracting procedures and other procedures not specifically addressed in this section.
These guidelines shall be submitted to the joint select committee on water resource policy before adoption.