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<br />.. <br /> <br />transmitted to the state treasurer and deposited in the ground water management cash fund, created <br />in section 37-80-111.5. The request for approval shall include: <br /> <br />(A) Evidence of the proponent's legal right to use the loaned water right; <br /> <br />(B) A statement of the duration of the proposed loan; <br /> <br />(C) A description of the original points of diversion, the return flow pattern, the stream reach, <br />and the time, place, and types of use of the loaned water right; <br /> <br />(D) A description of the new proposed points of diversion, the return flow pattern, the stream <br />reacht and the time, place, and types of use of the loaned water right; and <br /> <br />(E) A reasonable estimate of the historic consumptive use of the loaned water right.. <br /> <br />(TI) The proponent has provided written notice of the request for approval of the loan by first- <br />class mail. or electronic mail to all parties on the substitute water supply plan notification list <br />established pursuant to section 37-92-308 (6) for the water division in which the proposed loan is <br />located and proof of such notice is filed with the division engineer; <br /> <br />(III) The proposed use of the loaned water right is for agricultural irrigation purposes or for <br />instream flow purposes by the Colorado water conservation board; <br /> <br />(IV) None of the water rights involved in the loan are adjudicated to or diverted at a well located <br />more than one hundred feet from the bank of the nearest flowing stream; <br /> <br />(V) The division engineer has given the owners of ~ater rights and decreed conditional water <br />rights fifteen days after the date of mailing of notice under subparagraph (IT) of this paragraph (b) to <br />file comments on the proposed loan; except that the division engineer may act on the application <br />immediately after the applicant provides evidence that all persons entitled to notice of the <br />application under subparagraph (II) of this paragraph (b) have either consented to or commented on <br />the application. Such comments shall include any claim of injury or any:terms and conditions that <br />should be imposed upon the proposed loan to prevent injury to a PartYs water right and any other <br />information the commenting party wishes the division engineer to consider in reviewing the <br />proposed loan. <br /> <br />(VI) The division engineer, after consideration of any comments received, has determined" that <br />the operation and administration of the proposed -loan _ will not cause injury to other decreed water <br />rights and; for loans made pursuant to paragraph (a) of this subsection (2), will not affect Colorado's <br />compact entitlements. The division engineer shall impose such terms and conditions as are <br />necessary to ensure that these standards are mett In making the determinations specified in this <br />subparagraph (VI), the division engineer shall not be required to hold any fonnal hearings or <br />conduct any other formal proceedings, but may conduct a hearing or fonnal proceeding if the <br />division engineer finds it necessary to address the issues. <br /> <br />(VII) The division engineer shall approve or deny the proposed loan within twenty days after the <br />date of mailing of notice under subparagraph (TI) of this paragraph (b), or within five days, after th~ <br />