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<br />(2) (a) Contracts entered into by the Colorado water <br />conservation board pursuant to sections 37-60-106 (1)(0) and <br />37-60-119 (2), Colorado Revised Statutes 1973, for the use of <br />the projects specified in paragraph (a) of subsection (1) of this <br />section shall be subject to the payment periods and total <br />payments set forth in said paragraph (a) of subsection (1), <br />except that total payments shall be adjusted to reflect any <br />changes in expenditures made by reason of paragraph (bl of <br />subsection (1) of this section. <br /> <br />(b) The Colorado water conservation board may extend the <br />payment period for any project and defer one or more annual <br />payments, notwithstanding the provisions of paragraph (al of this <br />subsection (2), if, in the board's opinion, the entity requesting <br />such extension and deferment demonstrates that it has been duly <br />diligent in its efforts to comply with the repayment provisions <br />of its contract with the board. <br /> <br />SECTION 2. Repeal. Section 37-60-123, Colorado Revised <br />Statutes 1973, is hereby repealed in its entirety. <br /> <br />SECTION 3. Safety clause. The general assembly hereby <br />finds, deter~ines, and declares that this act is necessary for <br />the immediate preservation of the public peace, health, and <br />safety. <br /> <br />-3- <br />