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3. SECTION 37-92-305 (3), Colorado Revised Statutes, is amended to read: • <br />37-92-305. Standards with respect to rulings of the referee and decisions of <br />the water judge. (3) (a) A change of water right, implementation of a rotational crop <br />management contract, or plan for augmentation, including water exchange project, shall be <br />approved if such change, contract, or plan will not injuriously affect the owner of or <br />persons entitled to use water under a vested water right or a decreed conditional water <br />right. In cases in which a statement of opposition has been filed, the applicant shall <br />provide to the referee or to the water judge, as the case may be, a proposed ruling or decree <br />to prevent such injurious effect in advance of any hearing on the merits of the application, <br />and notice of such proposed ruling or decree shall be provided to all parties who have <br />entered the proceedings. If it is determined that the proposed change, contract, or plan as <br />presented in the application and the proposed ruling or decree would cause such injurious <br />effect, the referee or the water judge, as the case may be, shall afford the applicant or any <br />person opposed to the application an opportunity to propose terms or conditions that would <br />prevent such injurious effect. <br />(b) Decrees for changes of water rights that implement a contract or <br />agreement for a lease, loan or donation of water, water rights or interests in water to <br />the Colorado Water Conservation Board for instream flow use under section 37-92- <br />102(3)(b) shall provide that 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 />4. SECTION Effective date -applicability. (1) This act shall take effect at 12:01 <br />a.m. on the day following the expiration of the ninety-day period after final adjournment of <br />the general assembly that is allowed for submitting a referendum petition pursuant to <br />article V, section 1 (3) of the state constitution, (August 6, 2008, if adjournment sine die is <br />on May 7, 2008); except that, if a referendum petition is filed against this act or an item, <br />section, or part of this act within such period, then the act, item, section, or part, if <br />approved by the people, shall take effect on the date of the official declaration of the vote <br />thereon by proclamation of the governor. <br />(2) The provisions of this act shall apply to water court determinations of historic <br />consumptive use and abandonment occurring on or after the applicable effective date of <br />this act. <br /> <br /> <br />