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' <br />(2) The Colorado water conservation board may make loans for the <br />construction of the project specified in subsection (1) of this section from <br />such moneys as are or may hereafter become available to the Colorado <br />water conservation board construction fund. The loan shall be in the <br />amount listed in subsection (1) of this section plus or minus such amounts, <br />if any, as may be justified by reason of ordinary fluctuations in construction <br />costs as indicated by the engineering cost indices applicable to the types of <br />construction required for the project or as may be justified by reason of <br />changes in the plans for a project due to differing or unforeseen site <br />conditions, errors or omissions in the plans and specifications, changes <br />instituted by regulatory agencies, or changes in material quantities beyond <br />contract limits. <br />(3) Pursuant to section 37-60-120 (1), Colorado Revised Statutes, <br />the Colorado water conservation board shall require such terms and <br />conditions in such contracts as will ensure repayment of funds made <br />available by it. The board shall not disburse any moneys for any loan <br />authorized by subsection (1) of this section unless and until it is satisfied, <br />in its sole discretion, that the recipient of any such loan will be able to make <br />repayment pursuant to the terms and conditions established by the board and <br />by subsection (1) of this section. <br />SECTIQl� 2. Watex project loaa� authorizations from t}�e <br />severance tax trust fund perpetual base accoe�nt. (1) Pursuant to section <br />39-29-109 (1) (a) (I), Colorado Revised Statutes, the Colorado water <br />conservation board is h�reby authorized to loan moneys from the severance <br />tax trust fund perpetual base account to enable the construction of the <br />following water resources projects with the following priority: <br />Priority Borrovv - P�oje�t <br />Loan Amo�nt <br />(a) Southeastern Colorado Water <br />� Conservancy District Water Activity <br />Enterprise* Arkansas Valley <br />Conduit Project $60,600,000 <br />(b) Penrose Water District Water <br />Activity Enterprise Water Rights <br />Purchase and Raw Water Pipeline <br />'�'otal <br />$8 <br />$69,444,570 <br />� <br />� <br />� <br />�..J <br />PAGE 2-SENATE BILL 07-122 <br />