(1) The Water Resources Commission, with the approval of the Governor, may identify proposed or existing water projects which offer significant public benefit, and recommend to the Legislative Assembly funding of those projects in proportion to the public benefits offered by an existing project, or expected to be obtained from a proposed project. (2) In order to be eligible for funding under subsection (1) of this section, the Water Resources Commission must identify an existing project within five years after the project first becomes operable.
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