|(a) Any seller or purchaser of conserved water or water stored in a reservoir desiring to use the bed and banks of any natural watercourse to release the water from storage and convey it downstream for subsequent use under a water supply contract pursuant to Texas Water Code, §11.042(a) shall file a copy of the purchase contract with the executive director and a written statement of the intended transit of the water setting forth the following: (1) the name of the applicant and the place and purpose of use; (2) the name of the watercourse, the bed and banks of which are to be used for the transportation of the water; (3) the name of the owner of any reservoir located on the watercourse by which the waters are to be conveyed; (4) the origin and the terminus of the proposed transported water; (5) the time of commencement and termination of the transit; (6) the number of acre-feet of water to be transported; (7) the approximate flow at the point of origin in cubic feet per second of time; (8) The number of the permit, certified filing, or certificate of adjudication which authorizes the storage and the use of water proposed to be transported; and (9) The manner in which the water being conveyed will be measured to ensure that only the water being released is being diverted at the point of delivery, less the amount of water that will be lost to transportation, evaporation, seepage, channel or other associated carriage losses from the point of release to the point of delivery. The method and calculation of carriage losses shall be subject to the review and approval of the executive director. (b) An exception to the requirements of subsection (a) of this section may be granted by the commission if an emergency exists and time does not permit following the procedures herein outlined. Further, the requirements of this subsection are not applicable if water is being released from upstream storage under the order of the commission. (c) Nothing in this section shall be construed to affect an existing project for which all required water rights and reuse authorizations have been granted by the commission prior to September 1, 1997.