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<br />following: <br /> <br />(IV) A LOAN APPROVED PURSUANT TO THIS PARAGRAPH (a) SHALL <br />NOT BE EXERCISED FOR MORE THAN rnREE YEARS IN A TEN-YEAR PERIOD, <br />FOR WHICH ONLY A SINGLE APPROV At BY TH~ STATE ENGINEER IS REQUIRED. <br />TliE TEN-YEAR PERlOD SHALL BEGIN WHEN THE STATE ENGINEER APPROVES <br />THELOAN~THESTATEENG~EERSHALLNOTAPPROVEALOANPURSUANTTO <br />THIS PARAGRAPH (a) FOR ANOTHER TEN-YEAR PERIOD;"EXCEPTTHAT~ IF THE <br />AGREEMENT HAS NOT BEEN EXERCISED DURING THE TERM OF THE <br />AGREEMENT, AN APPLICANT MAY REAPPLY ONE JTh.fE BY REPEATING THE <br />APPLICATION PROCESS PURSUANT TO THIS SUBSECTION (2). <br /> <br />(V) A P ARTY MAY FILE COMMENTS CONCERNING POTENTIAL lNJURY <br />TO SUCH PARTI'S WATER RIGHTS OR DECREED CONDm9NAL WATER RIGHTS <br />DUE TO THE OPERATIONS OF TIlE LOAN OF ^ WATER RIGHT TO A DECREED <br />INSTREAM FLOW RIGHT WITH THE STATE ENGINEER BY JANUARY 1 OF THE <br />YEAR FOLLOWING EACH YEAR THAT THE LOAN IS EXERCISED. THE <br />PROCEDURES OF PARAGRAPH (b) OF THIS SUBSECTION (2) REGARDING <br />NOTICE, OPPORTITNITY TO COMMENT, THE STATE ENGINEER'S DECISION, AND <br />AN APPEAL OF SUCH DECISION SHALL AGAIN BE FOLLOWED WITH REGARD TO <br />SUCH PARTYtS COtvlMENTSI <br /> <br />SECTION 2. Effective date... applicability. (1) This act shall take <br />effect at 12:01 a~m+ on the day following the expiration of the ninety-day <br />period after fmal adjournment of the general assembly that is allowed for <br />submitting a referendum petition pursuant to article V, section 1 (3) of the <br />state constitution (August 10, 2005, if adjournment sine die is on May 11, <br />2005); except that, if a referendum petition is fued against this act or an <br />item, section~ or part of this act within such period, then the act,. item" <br />section, or part, if approved by the people, shall take effect on the date of <br />the official declaration of the vote thereon by proclamation of the govemor~ <br /> <br />PAGE 2-HOUSE BrLL 05-1039 <br />