(1) On the effective date of this act $1,500,000 shall be transferred from the Emergency Water Resources Account created under Section 73-20-8 and initially funded under Section 73-20-9 to the water and power board construction fund proper.

(2) The balance remaining in the Emergency Water Resources Account after the transfer authorized by Subsection (1) of this section may be used for all purposes provided for under Title 73, Chapter 20, Emergency Water Resources, through December 31, 1978. Any amount in this account then remaining uncommitted shall be transferred immediately to the water and power board construction fund proper.

(3) Any amounts so transferred under Subsection (1) or (2) of this section shall be substantially used initially for agriculturally-related projects.