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. . as a result of the compact the rehabilitation of precompact reservoirs is the only effective way of fulfilling the mandates of ,this section with respect to the Rio Grande waters within the state of Colorado. (d) With respect to the Town of Erie projec~, the board shall not enter into a contract for the construction of this project until the town obtains a properly adjudicated storage decree for the project and until the town provides such information as the board may require to satisfy the board, in its discretion, that the project is financially viable. (e) The sponsor of a project specified in paragraph (a) of this, subsection (1) may not give notice of an award of a contract nor notice to proceed with the construction of a project nor in any manner incur costs or initiate final designs and specifications for a project or for the construction " of a project until such sponsor has entered into a contract with the Colorado water conservation board for the construction of a project and has otherwise complied with all procedures and conditions required by 'the board. If a sponsor fails to comply with this paragraph (e), the Colorado water conservation board may, at its discretion, terminate all or a portion of the board's financial contribution to a project, notwithstanding the' authorization made by paragraphs (a) and (b) of this subsection '(1), or the board may require such assurances fr.om the project sponsor as the board deems necessary in order to adequately protect the board's investment in ,a, project. (2) (a) Contracts entered' into by the Colorado water conservation board pursuant to sections 37-60-106 (1) (0) and 37-60-119 (2), Colorado Revised Statutes 1973, for the use of the projects specified in paragraph (a) of subsection (1) of this section shall be subject to the payment periods and total payments set, forth therein; except that total payments shall be adjusted to reflect any changes in expenditures made by reason of paragraph (b) of subsec~ion (1) of this section. (b) The Colorado water conse~vation board may extend the payment period for any project and defer one or more annual payments, notwithstanding the provisions of paragraph (a) of this subsection (2), if, in the board's opinion, the entity requesting such extension and deferment demonstrates that it has encountered significant and unexpected financial difficulties and that it has been duly diligent in its efforts to comply with the repayment provisions of its contract with the board. SECTION 5. Project deauthorization. The following projects, authorized in section 2 of chapter 101, Session Laws of Colorado 1978, and in section 5 of chapter 426, Session Laws of Colorado 1981, are hereby deauthorized: PAGE 4-SENATE BILL NO. 87 t. ,. , ' , II}. ..~,~ ....~ ;'- '"" . ("I) ~'f>>-~ ~:' : ~.:. f-" \..", , ;