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<br />throughout the West, mostly funded by the United states through <br /> <br />the Bureau of Reclamation. <br /> <br />A number of years ago the Bureau of Reclamation changed its <br /> <br />policies and, but for the finally playing out Animas-La Plata <br /> <br />Project, there really isn't much left I think anywhere in the <br /> <br />West, and certainly not in Colorado, in terms of federal lead on <br /> <br />future projects of any kind, which is fine. <br /> <br />But, the state had never really stepped up to fill that <br /> <br />vacuum that's been building there, and no one else has to any <br /> <br />significant degree. Certainly, conservancy districts, <br /> <br />conservation districts have risen to the occasion locally where <br /> <br />they could, but the state hadn't done anything from a grant <br /> <br />standpoint. <br /> <br />And so, we feel that this is the appropriate next step. <br /> <br />The Severance Tax Statute that's been around for a long time <br /> <br />clearly identifies this kind of a process as an appropriate use <br /> <br />of those funds. <br /> <br />Remember, the philosophy behind severance tax was a <br /> <br />recognition that the consumption of non-renewable resources will <br /> <br />eventually consume something of value to the public. And <br /> <br />therefore, it makes sense to tax that consumption of non- <br /> <br />renewables to invest in renewables, to invest in something <br /> <br />instead for future generations. And all through that statute it <br /> <br />talks about water; investment in water. <br /> <br />So, this is how we come <br /> <br />- 7 - <br />