(1) A grantee that receives grant money under this chapter shall:
(a) comply with Section 51-2a-201.5, Title 63G, Chapter 6b, State Grants, and other applicable laws, regulations, ordinances, or rules; and
(b) use grant money to:
(i) carry out the objectives of Subsection 65A-16-201(1), subject to approval by the trust council in accordance with Section 65A-16-302; and
(ii) operate the water trust in a manner required by Section 65A-16-301.
(2) This chapter may not be construed as limiting the grantee's ability to obtain funding from other public and private sources to assist in the establishment, operation, and administration of the water trust.