Sec. 2. (a) Except as provided in section 8 of this chapter and subject to section 2.5 of this chapter, the commission may contract with a person for the provision of certain minimum quantities of stream flow or for the sale of water on a unit pricing basis. A contract for the provision of minimum stream flows or for the sale of water on a unit pricing basis:
(1) must be executed by the commission; and
(2) is subject to approval by the following:
(A) The attorney general.
(B) The governor.
(C) The person desiring the use.
(b) A contract entered into under this chapter may not cover a period of more than fifty (50) years.
(c) Before the submission of the contract to the governor for approval, the commission shall submit a copy of the contract to the department. The department shall, within twenty (20) days of receipt, do the following:
(1) Prepare a memorandum relative to the effect that the contract might have on recreational facilities.
(2) Submit the memorandum to the governor for the governor's consideration.