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POLICY NUMBER: 18 <br />SUBJECT: APPLICATION AND APPROVAL PROCESS FOR USE OF <br />INVESTMENTS AND LOANS FROM THE SEVERANCE TAX <br />TRUST FUND PERPETUAL EASE ACCOUNT FOR FUNDING <br />WATER VMANAGEMENT PARTNERSHIP PROJECTS <br />AND SPECIAL DAM REHAEILITATION PROJECTS <br />EFFECTIVE DATE: December 1, 2007 <br />REVISED DATE: <br />POLICY: The Colorado Water Conservation Board (CWCB) may set aside 20% of <br />its annual revenues each year from the Severance Tax Trust Fund <br />Perpetual Base Account (STTFPBA) for investments to be used to <br />encourage new water project construction and rehabilitation of restricted <br />dams, including enlargements and dredging projects, that provide benefits <br />to both water providers and the State of Colorado. The projects will be <br />funded with a combination of investments from the STTFPBA and loans <br />from the CWCB Water Project Loan Program. The CWCB will accept <br />applications for Water ~yManagement Partnership Project (W~MPP) <br />investments and loans on or before August 31st of each year. <br />The CWCB will review W~MPP investment applications for water <br />projects that have the potential to meet the established goals and needs of <br />the State of Colorado relative to providing project water for compact calls, <br />drought mitigation, endangered species, instream flows, river restoration, <br />recreation, or other purposes deemed appropriate by the CWCB. <br />Investments for W~MPP will not be limited to a specific percentage of the <br />total project cost, but rather will be established based on the overall <br />project benefits realized by the State of Colorado. The Colorado General <br />Assembly will provide the final project authorization acting through the <br />annual CWCB Projects Bill. <br />The applicant must complete a project feasibility study, in accordance <br />with CWCB Guidelines, and all other requirements of the CWCB Water <br />Project Loan Program as established by the Board. <br />Eligible project expenses may include: <br />a. Feasibility Study costs <br />b. Engineering costs including surveying, preliminary design, <br />geo-technical analysis of foundation conditions and final <br />design report. <br />c. Land acquisition costs including appraisals and legal fees <br />d. Project construction costs <br />e. Water right engineering and legal fees and court costs <br />f. Operation and maintenance costs (?) <br />