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I also believe the availability of severance tax revenues for such initiatives has finally reached the point where proving such funding would not jeopardize the agency's cash management strategy or prejudice its existing borrowers. However, in order to make the financing effective and address the challenges we currently face, as identified by the Statewide Water Supply Initiative (SWSI), much study and discussion needs to occur about the terms and conditions placed on such financing. To that end, you are discussing a new Policy #18 during this Board meeting. But, in summary, if the policy is implemented, the result will be that we will be seeking to enter into agreements with local project sponsors that will result in the CWCB owning a portion of the developed water for addressing compact calls, drought impacts, endangered species or state species of special concern needs, instream flow, river restoration, recreation or other purposes deemed appropriate by the CWCB. The ownership would most likely be in accordance with a storage or other decree to be jointly sought by the owners and the CWCB. The ownership would most likely be implemented through an operations agreement enforced by the CWCB or the State Engineer. An example of an existing Water Partnership Projects is Elkhead Reservoir. Elkhead Reservoir vas enlarged and the enlargement resulted in the Board receiving a donation of water for instream flows to benefit endangered fish. Examples of potential future projects include the Rio Grande Reservoir ($18-$30 million depending on whether the dam is enlarged or rebuilt), Ovid Reservoir ($12-16 million), the Chatfield Storage Reallocation Project ($100 million), Long Hollow Reservoir and Plateau Creek Reservoir . Each of the projects would help address serious compact and environmental needs. Further, the CWCB and the State Engineer have identified many dams that hold between 5,000- 10,000 AF of water that need to be repaired or improved to meet storage capacity expectations. Many of the owners of these projects may not be financially able to repair these facilities themselves using their own assets and would not qualify for a CWCB loan. However, many of these facilities, if repaired, could help the CWCB meet its mission objectives of developing, conserving and managing Colorado's water resources. Specifically, repairs may allow the owners to put their water rights to beneficial use in accordance with their decrees, make water available for beneficial uses and contribute to the preservation or improvement of the environment. We have undertaken a Restricted Dam and Recovery of Lost Storage Inventory and Analysis Project from which we can develop a list of possible projects that could be cooperatively undertaken by the CWCB and the project's owners. The CWCB could offer the owners of these valuable "small" projects non-reimbursable financing to pay for the entire amount of the costs of the repair and rehabilitation of their facilities if the owners of the project agree to donate a portion of the water made available by the improvement to the CWCB. Colorado Water Conservation Board 2 Flood Protection • Water Project Planning and Finance • Stream and Lake Protection Water Supply Protection • Conservation and Drought Planning • Intrastate Water Planning