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<br />. <br /> <br />. <br /> <br />~ from the project sponsor as the board deems necessary in order to <br /> <br />adequately protect the board's investment in a project. <br /> <br />(2) (a) Contracts entered into by the Colorado water <br /> <br />conservation board pursuant to sections 37-60-106 (1) (0) and <br /> <br />37-60-119 (2), Colorado Revised Statutes 1973, for the use of the <br /> <br />projects specified in paragraph (a) of subsection (1) of this <br />--' <br /> <br />section, shall be subject to the payment periods and total <br /> <br />payments set forth therein; except that total payments shall be <br /> <br />adjusted to reflect any changes in expenditures made by reason o.f <br /> <br />paragraph (b) of subsection (1) of this section. <br /> <br />(b) The Colorado water conservation board may extend the <br /> <br />payment period for any project and defer one or more annual <br /> <br />payments, not\"ithstanding the provisions of paragraph (a) of this <br /> <br />. <br /> <br />subsection (2), if, in the board's opinion, the entity requesting <br /> <br />such extension and deferment demonstrates that i.t has encountered <br /> <br />significant and unexpected financial difficulties and that it has <br /> <br />been duly diligent in its efforts to comply with the repayment <br /> <br />provisions of its contract with the board. <br /> <br />SECTION 3. Safety Clause. The general assembly hereby <br /> <br />finds, determines, and declares that this act is necessary for <br /> <br />the immediate preservation of the public peace, health, and <br /> <br />safety. <br /> <br />. <br /> <br />-4- <br />