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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <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 />27 <br /> <br />(3) IF TIffi CREDIT ALLOWED BY TIllS SECTION EXCEEDS THE TAX <br />OTIffiRWISE DUE, TIffi EXCESS MAYBE CARRIED FORWARD AND SHALL BE <br />CLAIMED ON TIffi EARLIEST POSSffiLE SUBSEQUENT TAX RETIJRN FOR A <br />PERIOD NOT TO EXCEED FIVE YEARS. <br />SECTION 2. Article 80 of title 37, Colorado Revised Statutes, is <br />amended BY THE ADDITION OF A NEW SECTION to read: <br />37-80-121. Conserved water certificate - rules. (1) As USED IN <br />THIS SECTION, "CONSERVED WATER" MEANS WATER DIVERTED PURSUANT <br />TO AN ADJUDICATED WATER RIGIIT TIIAT: <br />(a) HAD HISTORICALLY BEEN PUT TO A BENEFICIAL USE UNDER <br />REASONABLY EFFICIENT PRACTICES TO ACCOMPLISH WITHOUT WASTE TIffi <br />PURPOSE FOR WHICH TIffi APPROPRIATION WAS LA WFULL Y MADE; AND <br />(b) DUE TO IMPLEMENTATION OF A WATER CONSERVATION <br />PROJECT: <br />(1) WILL BE CONSERVED BY INCREASED EFFICIENCY IN THE MEANS <br />OF DIVERSION, CONVEYANCE, STORAGE, APPLICATION, OR USE RESULTING <br />IN DECREASED CONSUMPTIVE USE WHEN COMPARED WITH THE <br />APPROPRIATOR'S HISTORIC CONSUMPTIVE USE; AND <br />(II) WILL NOT INJURIOUSLY AFFECT TIffi OWNER OF OR PERSONS <br />ENTITLED TO USE WATER UNDER A VESTED WATER RIGHT OR A DECREED <br />CONDITIONAL WATER RIGHT. <br />(2) AN APPLICANT FOR A CONSERVED WATER CERTIFICATE <br />PURSUANT TO THIS SECTION SHALL BE A HOLDER OF A DECREED WATER <br />RIGIIT AND SHALL SUBMIT TO THE STATE ENGINEER AN APPLICATION <br />CERTIFIED BY THE APPLICANT AND BY A REGISTERED PROFESSIONAL <br />ENGINEER THAT INCLUDES THE FOLLOWING: <br />(a) ALL DECREES RELATING TO THE SUBJECT WATER RIGHT; <br /> <br />-3- <br /> <br />HBOl-llll <br />