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POLICY NUMBER: 18 SUBJECT: APPLICATION AND APPROVAL PROCESS FOR USE OF INVESTMENTS AND LOANS FROM THE SEVERANCE TAX TRUST FUND PERPETUAL BASE ACCOUNT FOR FUNDING WATER VMANAGEMENT PARTNERSHIP PROJECTS AND SPECIAL DAM REHABILITATION PROJECTS EFFECTIVE DATE: December 1, 2007 REVISED DATE: POLICY: The Colorado Water Conservation Board (CWCB) may set aside 20% of its annual revenues each year from the Severance Tax Trust Fund Perpetual Base Account (STTFPBA) for investments to be used to encourage new water project construction and rehabilitation of restricted dams, including enlargements and dredging projects, that provide benefits to both water providers and the State of Colorado. The projects will be funded with a combination of investments from the STTFPBA and loans from the CWCB Water Project Loan Program. The CWCB will accept applications for Water ~=Mana e~ Partnership Project (W~MPP) investments and loans on or before August 31't of each year. The CWCB will review W~MPP investment applications for water projects that have the potential to meet the established goals and needs of the State of Colorado relative to providing project water for compact calls, drought mitigation, endangered species, instream flows, river restoration, recreation, or other purposes deemed appropriate by the CWCB. Investments for W~MPP will not be limited to a specific percentage of the total project cost, but rather will be established based on the overall project benefits realized by the State of Colorado. The Colorado General Assembly will provide the final project authorization acting through the annual CWCB Projects Bill. The applicant must complete a project feasibility study, in accordance with CWCB Guidelines, and all other requirements of the CWCB Water Project Loan Program as established by the Board.