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Water Supply Planning and Finance The CWCB Construction Fund was created by the Colorado General Assembly in 1971 to provide low interest loans to water users in the development of water resource projects. The fund and its use are governed by S 37-60-121 through 125 C.R.S. The CWCB Construction Fund is a partially self-supporting revolving loan fund. Sources of revenue are from the return of principal and interest on outstanding loans, interest earned on the cash balance of the fund through investments by the state Treasurer, mineral lease fund distributions, and occasional cash transfers from the General Assembly. The types of projects that are eligible for funding are specified by state statute. Another funding source is the Severance Tax Trust Fund Perpetual Base Account. Twenty-five percent of the revenues collected from the production of oil, gas, coal and a few other minerals are set aside for loans for water projects (32-29-109 c.R.S.) Pursuant to a Drought or Drought Disaster Declaration, the CWCB Director, in consultation with the State Engineer, the Executive Director of the Department of Natural Resources and the Commissioner of Agriculture may also provide up to $1 million in grants and loans per year from the Perpetual Base Account to agricultural organizations for emergency drought-related water augmentation purposes and must report annually to the General Assembly regarding how such spending authority was exercised. The Board is also statutorily allowed to annually request up to five percent of the funds in the Severance Tax Trust Fund Operational Account for projects and programs that relate to energy, mining, geology and water. In requesting these funds the Board cooperates and consults with the state Minerals, Energy and Geology Policy Advisory (MEGA) Board. The requests for funds are reviewed by the CWCB, the MEGA Board and the DNR Executive Director who may forward such requests to the Governor and the General Assembly for consideration and appropriation through the Long Bill (32-20-104 and 32- 29-109 C.R.S.) The Severance Tax Trust Fund Operational Account and Construction Fund "non- reimbursable" projects are typically scientific or planning studies designed to solve regional or basin-wide problems. Such projects are reviewed and approved pursuant to Board policies that prioritize the use of this funding. Instream Flow and Natural Lake Level Protection The 1973 General Assembly enacted Senate Bill 97, which created the Colorado Instream Flow and Natural Lake Level Program ("ISF Program") to be administered, exclusively by the CWCB. The statutory authorities for the ISF Program are found at Section 37-60- 106 C.R.S. (2004) and Section 37-92-102 (3) C.R.S. (2004). Pursuant to Section 37-60- 108, c.R.S. (2004), the Board adopted rules concerning the Instream Flow and Natural Lake Level Program to codify CWCB procedures for implementing this program. CWCB is responsible for the appropriation and protection of instream flow and natural lake level water rights to preserve the natural environment to a reasonable degree and the acquisition of water rights to preserve and improve the natural environment. A - Page 4 of1._____________________________._____________________/: . . ...{ Deleted: 6 .