The act declares that new technologies, such as blockchain, telemetry, improved sensors, and advanced aerial observation platforms, can improve monitoring, management, conservation, and allocation of water to fulfill obligations under Colorado water law and enhance confidence in the reliability of data underlying water rights transactions. To advance the potential use of these new technologies, the act:
- Authorizes and directs the university of Colorado and Colorado state university, in collaboration with the Colorado water institute at Colorado state university, to conduct feasibility studies and pilot deployments of these new technologies to improve water management in Colorado; and
- Appropriates $20,000 to each university from the general fund, contingent on the universities' receipt of a matching $40,000 in gifts, grants, and donations on or before June 1, 2022, for the purpose of funding the feasibility studies and pilot deployments.
The universities are directed to report on the amounts and sources of money received through gifts, grants, and donations and the purposes to which those amounts were devoted, on their websites, in any published reports produced by the universities, and in the annual "SMART Act" hearings held by the general assembly.
(Note: This summary applies to this bill as enacted.)