(1) No permit for water use shall be issued for a period longer than ten (10) years. The right to use of water granted by the permit shall automatically terminate upon the passage of the tenth anniversary date of the permit unless there is pending before the board an application for another water permit which includes the use of the same water permitted under the expiring permit. Six (6) months prior to the tenth anniversary date of such permit, the board shall give actual written notice by certified mail to the permit holder informing him that such permit shall be automatically terminated upon its expiration unless such permit holder has made an application for another water permit as described in this subsection. The permit shall be reissued to the permit holder unless his continued use is found to be contrary to the public interest.

(2) Notwithstanding the foregoing provision, the board may grant to a municipality, county or other governmental subdivision, a public utility or a publicly regulated utility, a permit to use water for a duration sufficient to amortize the initial capital investment of such permittee in water-related equipment.

(3) The board may modify, terminate or decline to reissue a permit upon a showing of good cause, after affording the permittee involved an opportunity for a hearing at which the permittee shall be entitled to be represented by legal counsel and call witnesses and present evidence on his behalf.

(4) The board shall issue to any person filing a notice of claim to previously existing rights as provided in Section 51-3-5 a permit which reflects such person’s rights. However, such person, on or before the tenth anniversary date of the permit so issued by the board, shall file an application to renew such permit or the rights thereunder to the use of water shall automatically terminate upon the expiration of the permit. This decennial filing requirement shall also apply thereafter to each renewed permit.