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l <br />* The moneys appropriated for this project shall remain available for the <br />designated purposes until the proj ect is completed; except that, if the project <br />sponsor does not enter into a loan contract with the Colorado water <br />conservation board within two years after the effective date of this section, <br />then the moneys appropriated in this subsection (1) shall no longer be <br />available for the designated puzposes and shall become available for other <br />lawful uses. <br />(2) The Colorado water conservation board may make loans foz the <br />construction of the projects specified in subsection (1) of this section from <br />such moneys as are or may hereafter become available to the severance tax <br />trust fund perpetual base account. Said loans shall be in the amounts listed <br />in subsection (1) of this section plus or minus such amounts, if any, as may <br />be justified by reason of ordinary fluctuations in construction costs as <br />indicated by the engineering cost indices applicable to the types of <br />construction required for each project or as may be justified by reason of <br />changes in the plans for a project due to differing or unforeseen site <br />canditions, 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 />co�ditions 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 />SECTION 3. Decreases to praor water project loan <br />authorizations from the Colorado water conservation board <br />construction fund. <br />Borrower - Prior Prior Deca-ease Amount <br />Project Authority Amount Remaining <br />Ryan Gulch <br />Reservoir <br />Company - <br />Ryan Gulch <br />PAGE 3-SENATE BILL 07-122 <br />