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<br />construction of a project, until such sponsor has executed a <br />contract with, and satisfactory to, the Colorado water conservation <br />board for the construction of a project and has otherwise complied <br />with all procedures and conditions required by the board. If a <br />sponsor fails to comply with thi$ subsection, the Colorado water <br />conservation board may, at its discretion, terminate all or a <br />portion of the board's financial contribution to a project, not- <br />withstanding the authorization made by paragraph (b), or require <br />such assurances from the project sponsor as the board deems <br />necessary in order to adequately protect the board's investment <br />in a project. <br />(2) (a) Contracts entered into by the Colorado water conservation <br />board pursuant to 37-60-l06 (l) (0) and 37-60-119 (2), Colorado <br />Revised Statutes 1973, as amended, for the use of the projects <br />specified in subsection (1), paragraph (a), shall be subject to <br />the payment periods and total payments set forth therein, except <br />that total payments shall be adjusted to reflect any changes in <br />expenditures made by reason of subsection (l), paragraph (b). <br />(b) The Colorado water conservation board may extend the <br />payment period for any project and defer one or more annual payments, <br />notwithstanding the provisions of paragraph (a), if, in the board's <br />opinion, the entity requesting such extension and deferment <br />demonstrates that it has encountered significant and unexpected <br />financial difficulties and that it has been duly diligent in its <br />efforts to comply with the repayment provisions of a contract. <br /> <br />-3- <br />