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(1) The board shall:
(a) construct the project as funded by the Legislature;
(b) own, operate, and maintain the project until the title is transferred under Section 73-28-405; and
(c) consult with the committee on a regular basis concerning the development, construction, operation, maintenance, repair, and replacement of the project.
(2)
(a) The board may contract with the state of Arizona to participate in the project to develop its water rights.
(b) The board shall ensure that the contract requires the state of Arizona to pay for all project costs represented by its share of the project.