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<br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br /> <br />.. <br /> <br />TO EACH SHAREHOLDER'S OWNERSHIP OF SHARES IN THE DITCH COMPANY. <br /> <br /> <br />(3) The state engineer is authorized to approve and administer <br /> <br /> <br />interruptible water supply agreements that permit a temporary change in <br /> <br /> <br />the point of diversion, location of use, and type of use of an absolute <br /> <br /> <br />water right without the need for an adjudication pursuant to this article, <br /> <br /> <br />subject to the following: <br /> <br /> <br />(C) An interruptible water supply agreement approved pursuant to <br /> <br />this section shall not be exercised for more than three years in a ten-year <br /> <br /> <br />period for which only a single approval is required. The ten-year period <br /> <br /> <br />shall begin with the granting of such approval. A water right subject to <br /> <br /> <br />the agreement under this section may not use section 37-92-308 (5). An <br /> <br /> <br />interruptible water supply agreement approved pursuant to this subsection <br /> <br /> <br />(3) shall not be approved for another ten-year period. ehcept that, if stleh <br /> <br /> <br />agtcen,ent has not bew exercised dtlling the term of the agteerncnt, an <br /> <br /> <br />applicant may reapply one time by repeating the application process <br /> <br /> <br />pun;tIAllt to this Subsection (J). <br /> <br />SECTION 3. Effective date. This act shall take effect at 12:01 <br /> <br /> <br />a.m. on the day following the expiration of the ninety-day period after <br /> <br /> <br />final adjournment of the general assembly that is allowed for submitting <br /> <br /> <br />a referendum petition pursuant to article V, section 1 (3) of the state <br /> <br /> <br />constitution (August 10, 2005, if adjournment sine die is on May 11, <br /> <br /> <br />2005); except that, if a referendum petition is filed against this act or an <br /> <br /> <br />item, section, or part of this act within such period, then the act, item, <br /> <br /> <br />section, or part, if approved by the people, shall take effect on the date of <br /> <br /> <br />the official declaration of the vote thereon by proclamation of the <br /> <br /> <br />governor. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />-14- <br /> <br />HB05-1215 <br />