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As a condition of approval of a proposed contract or agreement for a lease or loan of <br />water, water rights, or interests in water pursuant to this subsection (3), the board <br />shall obtain confirmation from the division engineer that the proposal is <br />administrable and is capable of meeting all applicable statutory requirements. <br />All contracts or agreements entered into by the board for leases or loans of water, <br />water rights, or interests in water pursuant to this subsection (3) shall require the <br />board to maintain records of how much water the board uses under the contract or <br />agreement each year it is in effect and to install any measuring device(s) deemed <br />necessary by the division engineer to administer the contract or agreement and to <br />measure and record how much water flows out of the reach after use by the board <br />under the contract or agreement, unless a measuring device already exists on the <br />stream that meets the division engineer's requirements. <br />All contracts or agreements for water, water rights or interests in water under this <br />subsection (3) shall provide that, pursuant to the water court decree implementing <br />the contract or agreement, either the lessor, lender, or donor of the water or the • <br />board may bring about the beneficial use of the historical consumptive use of the <br />leased, loaned or donated water right downstream of the instream flow reach as fully <br />consumable reusable water. <br />The board shall file a change of water right application or other application with the <br />water court to obtain a decreed right to use water for instream flow purposes under a <br />contract or agreement for a lease or loan of water, water rights, or interests in water <br />pursuant to this subsection (3). <br />The resulting water court decree shall quantify the historical consumptive use of the <br />leased or loaned water right and determine the method by which the historical <br />consumptive use should be quantified and credited during the term of the agreement <br />for the lease or loan of the water right. Said method shall recognize the actual amount <br />of consumptive use available under the leased or loaned water right and shall not <br />result in a reduction of the historical consumptive use of that water right during the <br />term of the lease or loan, except to the extent such reduction is based upon the actual • <br />amount of water available under said rights. <br />N <br />