The terms and conditions of payment for emergency water resource developments constructed pursuant to this act shall be set forth in a written contract prepared by the Division of Water Resources under the direction of the board and shall be executed by the farmer or rancher benefited. The substantive terms and conditions for payment shall be specified in the sole discretion of the board and shall appear in such contract. Title to any emergency water resource constructed under this act shall remain in the Division of Water Resources until the actual cost of the project is paid for in full by the benefited farmer or rancher.
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