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8/ <br />n.. <br />• <br />1 the board shall require such terms and` conditions in such contracts as ,will <br />2 ensure repayment of funds made available by it. The board shall not <br />3 disburse any moneys for any loan authorized by subsection. (1) of this <br />4 section unless and until it is satisfied, at its sole discretion, that the <br />5 recipient of any such loan will be able to make repayment pursuant to the <br />6 terms and conditions established by the board and by subsection (1) of <br />7 this section. <br />8 SECTION 2. Water project loan authorizations from 1:he <br />9 severance tax trust fund perpetual base account. (1) Pursuant to <br />10 section 39-29-109 (1) (a) (I), Colorado Revised Statutes, the Colorado <br />11 water conservation board is hereby authorized to loan moneys from the <br />12 severance tax trust fund perpetual base account to enable the construction <br />13 of the following water resources projects with the following priority; <br />14 Priority Borrower -Project Loan Amount <br />15 Republican River Water Conservation <br />16 District Water Activity Enterprise - <br />17 Republican River Compact Compliance <br />18 Pipeline $60,600,00() <br />19 Total $60,600,00() <br />20 (2) The Colorado water conservation board may make loans fir <br />21 the construction of the project specified in subsection (1) of this sectic-n <br />` 22 from such moneys as are or may hereafter become available to tYie <br />23 severance tax trust fund perpetual base account. Said loans shall be in the <br />24 amounts listed in subsection (1) of this section plus or minus such <br />25 amounts, if any, as may be justified by reason of ordinary fluctuations in <br />26 construction costs as indicated by the engineering cost indices applicable <br />27 to the types of construction required for each project or as may be <br />-5- H7308-1346 <br />