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The first major task undertaken by the IBCC was the development of a Charter to “govern and guide all negotiations between Basin roundtables.” Through an iterative process between the Department of Natural Resources, the IBCC, and the Basin Roundtables, the IBCC agreed on the provisions of a Charter. On April 5, 2006, the IBCC adopted a Charter fulfilling its obligations in C.R.S. 37-75-105. The IBCC referred the Interbasin Compact Charter to the Colorado General Assembly and the Charter was approved through HB06-1400.

The Charter includes:

Foundational Legal and Guiding Principals
The roles of the IBCC (see list below)
A framework and principles to guide negotiations between roundtables, including policies to ensure that individual compacts do not conflict with one another
Procedures for ratification of compacts, including a mandatory provision that every affected roundtable must approve the draft compact
Authorities and procedures to ensure that approved compacts are legally binding and enforceable; and
Procedures for integrating the Interbasin Compact processes with other water planning and development processes, except that no provision may supersede, impair, or modify any local government’s “authority, jurisdiction, or permitting powers.”

The Roles of the IBCC

Provide a forum to develop and disseminate information, create a positive environment for a statewide perspective, and develop a vision for statewide water negotiations;
Serve as a forum for discussing and addressing the socio-economic, recreation and environmental impacts of water development and management, as well as potential impacts on the ability of the state to use its entitlements and meet its Interstate Compact requirements.
Assist in finding resources to enable Roundtables to develop basin-wide visions;
Encourage development of a common technical platform upon which negotiations can be based;
Guide the process of negotiating interbasin compacts and other agreements by providing a framework that creates incentives for successful deliberations, agreements, and their implementation; and
Perform all other roles and functions of the IBCC identified in legislation.