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<br />3-7- 83.'-1()5 <br /> <br /># <br /> <br />Owner may loan agricultural water right · loans to Colorado water conservation board for <br />instream flows. <br /> <br />(1) Subject to the limitations of this subsection (1) and pursuant to the procedures set forth in <br />paragraph (b) of subsection (2) of this section. the owner of a water right. decreed and used solely <br />for agricultural irrigation purposes may loan all or a portion of the water right to another owner of a <br />decreed water right on the same stream system and that is used solely for agricultural irrigation <br />purposes for no more than one hundred eighty days during anyone calendar year if the division <br />engineer approves such loan in advance and the loan does not cause injury to other decreed water <br />rightSA <br /> <br />(2) (a) A water right owner may loan water to the Colorado water conservation board for use as <br />instream flows pursuant to a decreed instream flow water right held by the board for a period not to <br />exceed one hundred twenty days, subject to the following: <br /> <br />(1) Prior to accepting the loan, the Colorado water conservation board shall compile a statement <br />about the duration of the loan, a description of the original points of diversion, and other relevant <br />information sufficient for the state engineer to determine that such loan does not injure existing <br />decreed water rights. <br /> <br />(II) Consistent with current law, only the Colorado water conservation board is entitled to hold <br />instream flow water rights and may accept proposed loans in accordance with section 37-92-102 <br />(3). <br /> <br />(llI) The loan shall not be accepted unless the state engineer determines that the Colorado water <br />conservation board's temporary instream flow use will not injure existing water rights of others. <br /> <br />(IV) A loan approved pursuant to this paragraph (a) shall not be exercised for more than three <br />years in a ten-year period, for which only a single approval by the state engineer is required. The <br />ten-year period shall begin when the state engineer approves the loan. The state engineer shall not <br />approve a loan pursuant to this paragraph (a) for another ten-year period; except that, if the <br />agreement has not been exercised during the term of the agreement, an applicant may reapply one <br />time by repeating the application process pursuant to this subsection (2). <br /> <br />(V) A party may file comments concerning potential injury to such party's water rights or <br />decreed conditional water rights due to the operations of the loan of a water right to a decreed <br />instream flow right with the state, engineer by January 1 of the year following each year that the <br />loan is exercised. The procedures of paragraph (b) of this subsection (2) regarding notice, <br />opportunity to comment, the state engineer's decision, and an appeal of such decision shall again be <br />followed with regard to such party's comments. <br /> <br />(b) In determining whether injury will occur, the division engineer shall ensure that the <br />following conditions are met: <br /> <br />(I) The proponent has filed a request for approval of the loan with the division engineer, <br />together with a filing fee in the amount of one hWldred dollars. Moneys from the fee shall be <br />