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Second, we would establish an annual appropriation of $1,000,000 from the Construction Fund in the manner set forth below. (1) In addition to any other moneys appropriated from the construction fund, up to one million dollars in the construction fund are continuously appropriated annually to the Colorado water conservation board to pay for the costs of acquiring water, water rights and interests in water in such amount as the board determines is appropriate for stream flows or for natural surface water levels or volumes for natural lakes to preserve or improve the natural environment to a reasonable degree. (2) The Colorado water conservation board shall approve any expenditures of funds pursuant to this section. Within three months after the end of any fiscal year during which the spending authority created pursuant to this section is exercised, the Colorado water conservation board shall report to the general assembly regarding how such spending authority was exercised. 2. If the Severance Tax Trust Fund Perpetual Base Account is not merged into the Construction Fund, staff recommends establishing an annual appropriation of $1,000,000 from the Severance Tax Trust Fund Perpetual Base Account in the manner set forth below. (1) In addition to any other moneys appropriated from the perpetual base account of the severance tax trust fund, created by section 39-29-109, C.R.S., up to one million dollars in the perpetual base account of the severance tax trust fund are continuously appropriated annually to the Colorado water conservation board to pay for the costs of acquiring water, water rights and interests in water in such amount as the board determines is appropriate for stream flows or for natural surface water levels or volumes for natural lakes to preserve or improve the natural environment to a reasonable degree. (2) The Colorado water conservation board shall approve any expenditures of funds pursuant to this section. Within three months after the end of any fiscal year during which the spending authority created pursuant to this section is exercised, the Colorado water conservation board shall report to the general assembly regarding how such spending authority was exercised. Recommendation Staff recommends that the Board: Approve the staff recommendation regarding the inclusion of statutory changes in the 2008 Projects Bill to achieve the Board's intent. Authorize staff to work with the Executive Director's Office, the Governor's Office, and members of the General Assembly regarding the specific language. The staff shall have the authorization to recommend the deletion of such statutory changes from the bill if their inclusion endangers the bill's final passage. The staff shall keep Board members informed regarding the progress of discussions regarding the proposed statutory change. 3