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<br />POLICY NUMBER: 8 <br /> <br />SUBJECT: <br /> <br />CONSTRUCTION FUND AND SEVERANCE TAX TRUST <br />FUND PERPETUAL BASE ACCOUNT LOANS SOLELY <br />FOR THE PURCHASE OF WATER RIGHTS <br /> <br />EFFECTIVE DATE: January 24,1996 <br /> <br />POLICY: The costs of land and water rights acquisition are eligible for <br />CWCB funding as part of an authorized project. When no project <br />is proposed, the costs of water rights acquisition is eligible for a <br />CWCB loan if the purchase satisfies an existing water need or <br />shortage. Acquisition of water rights that promote growth will not <br />be eligible for a CWCB loan. <br /> <br />PURPOSE: To establish the conditions under which the CWCB would provide <br />loans solely for the purchase of water rights. <br /> <br />APPLICABILITY: This policy and procedure apply to all applications for loans from <br />the Construction Fund and from the Severance Tax Trust Fund <br />Perpetual Base Account (STTFPBA). <br /> <br />PROCEDURE: When a Construction Fund or STTFPBA loan application is <br />received for the sole purpose of acquiring water rights, staff will <br />require the applicant to document the existing need or shortage that <br />the water purchase will address. The information regarding the <br />need for the water rights purchase will be summarized by staff in a <br />board memo and presented for Board consideration. The applicant <br />will also be required to submit a written appraisal or opinion of <br />value from a qualified water rights appraiser supporting the <br />purchase price, prior to disbursal of CWCB loan funds. <br /> <br />Approved by the CWCB <br />January 24, 1996 Board Meeting <br />Agenda Item # 9 <br />