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<br />- 3 - <br /> <br />. Increases the Colorado Water Conservation Board's authority to authorize loans <br />up to $25 million without Legislative approval <br /> <br />37-60-122 Colorado Revised Statutes. is amended to read: <br /> <br />37-60-122. General assembly approval. <br /> <br />(1) Moneys in the Colorado water conservation board construction fund shall be expended in the <br />following manner and under the following circumstances: <br /> <br />(a) Repealed. <br /> <br />. <br /> <br />(b) The general assembly may authorize such projects as it deems to be to the advantage of the <br />people of the state of Colorado and shall direct the board to proceed with said projects in the <br />priorities established by the general assembly under terms approved by the general assembly. The <br />board is authorized to make loans without general assembly approval in amounts not to exceed <br />TWENTY five million dollars. The unappropriated balance of moneys in the Colorado water <br />conservation board construction fund and the state severance tax trust fund perpetual base account <br />shall be available and continuously appropriated for this purpose. The board shall submit a written <br />determination of the basis for such project loans to the general assembly by January 15 of the year <br />following the year in which the loan was made. <br /> <br />Discussion <br /> <br />Staff is proposing that loans up to $25,000,000 be approved and authorized by the Board, at any time <br />during the year, without legislative authorization. SB 99-173 initially gave the Board authorization <br />to make loans up to $100,000 without Legislative authorization. That amount was increased to <br />$1,000,000 by HB 02-1152, and subsequently to $5,000,000 by SB 03-110. 99% of the <br />Construction Fund and Severance Tax loan applications during the past 5 years have been for less <br />than $25,000,000. This proposal allows those projects with relatively short planning periods to <br />receive a loan authorization to construct their project at the time when they most need the funds. If <br />an applicant misses the loan application deadline under the current process, the project must be <br />delayed by almost eighteen months before funds become available during the next application and <br />legislative cycle. Those large projects costing more than $25 million with long planning horizons, <br />being proposed in the near future, would continue to follow the legislative authorization process. <br /> <br />. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />