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(1) The owner of any dam which, in the state engineer's opinion, may pose a threat to life or cause significant damage to property if it fails shall prepare a plan of action to be implemented when an emergency involving the dam occurs.
(2) In the case of a dam in operation prior to May 1, 1991, the emergency action plan shall be submitted to the state engineer for his approval by May 1, 1994.
(3) In the case of a dam beginning operations on or after May 1, 1991, the emergency action plan shall be submitted to the state engineer prior to the date of the final inspection.