1. (1) The Water Resources Conservation and Development Fund consists of:

   1. (a) money appropriated to it by the Legislature;
   2. (b) money received from the sale of project water and power, less operating and maintenance costs;
   3. (c) annual payments on contracts for projects constructed under Section 73-10-24 or the State Water Conservation Program;
   4. (d) other money or tax revenues designated by the Legislature to be credited to the Water Resources Conservation and Development Fund; and
   5. (e) money transferred from the Water Infrastructure Fund in accordance with Subsection 73-10g-603(1)(f).
2. (2) Money deposited into the Water Resources Conservation and Development Fund shall be invested by the state treasurer with interest accruing to the Water Resources Conservation and Development Fund, except for payments, if any, necessary to comply with Section 148(f), Internal Revenue Code of 1986.
3. (3) A contribution of money, property, or equipment may be received from a political subdivision of the state, federal agency, water users' association, or person for use in carrying out the purposes of Section 73-10-24.

4. (4) Notwithstanding Subsection (1), the division shall transfer a payment on a loan to the Water Infrastructure Restricted Account, created in Section 73-10g-103, if the loan:

   1. (a) is issued from the Water Resources Conservation and Development Fund on or after July 1, 2023; and
   2. (b) relates to a project described in Subsection 73-10g-104(4).
5. (5) The Board of Water Resources may direct the transfer of money out of the Water Resources Conservation and Development Fund to the Water Infrastructure Fund in accordance with Section 73-10g-107.

Amended by Chapter 105, 2025 General Session