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This authorization would be included in the 2008 Construction Fund Projects Bill as <br />follows <br />SECTION XX. 37-60-122 Colorado Revised Statutes, is amended to read: <br />37-60-122. General assembly approval. <br />(1) Moneys in the Colorado water conservation board construction fund shall be expended in <br />the following manner and under the following circumstances: <br />(a) Repealed. <br />(b) The general assembly may authorize such projects as it deems to be to the advantage of <br />the people of the state of Colorado and shall direct the board to proceed with said projects in the <br />priorities established by the general assembly under terms approved by the general assembly. <br />The board is authorized to make loans without general assembly approval in amounts not to <br />exceed FIFTY million dollars. The unappropriated balance of moneys in the Colorado water <br />conservation board construction fund and the state severance tax trust fund perpetual base <br />account shall be available and continuously appropriated for this purpose. The board shall submit <br />a written determination of the basis for such project loans to the general assembly by January 15 <br />of the year following the year in which the loan was made. <br />Recommendation <br />Staff recommends the Board request the General Assembly to amend the Colorado <br />Revised Statutes to give the Board authorization to approve loans from the Construction Fund <br />and Severance Tax Trust Fund Perpetual Base Account up to $50,000,000, at any time during the <br />year, without legislative approval. <br />