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7. CWCB Report. a. Set aside 20% of Severance Tax revenues for water storage projects. Jolul Redifer reported that the CWCB will decide on adopting Policy Number 18 at its January 2008 meeting. Policy 18 would permit the CWCB to set aside 20% of its revenues form the Severance Tax Trust Fund Perpetual Base Account for water storage and rehabilitation projects. The funds can be spent for feasibility study costs, engineering and surveying costs, land acquisition costs, and project constn~ction costs. The CWCB would receive a share of the water rights established by such projects and could then sell or lease the water in order to be returned its investment in the project. b. CBRT reconuilended limiting the scope of Policy 18. The CBRT reconullended limiting the scope of Procedure b by deleting the following stn~ck through language: b. A proposal to transfer a portion of the developed or unrestricted project water or project benefits to the CWCB for the purposes of ~~*~~r° ~~'° ~~'°~~° ~ ~ ~~ ~' "~'~~~*r~~' ~~x~tt~a~use;-e~€e~ addressing compact calls, drought mitigation, endangered species, instream flows, river restoration, recreation, ^r ^*'~°~ "~~~~^^°~ ~'°°~~°~' ^~~~^,,,-:^*°'~~ *'~° ~B. The sale or lease of water or benefits controlled by the CWCB shall be done in a way so as to recover all or part of the State's investment in the project. The sale or lease of water shall be limited to other beneficiaries of the project or to other entities, the permanent transfer of which has been authorized by the Colorado General Assembly. c. Two examples of how Policy 18 fiords could be spent. Ovid Reservoir on South Platte: The proponent cannot afford to build the entire project, so the CWCB could help participate. Tlus would benefit the state, which would receive more water for fish and help the state meet its Compact obligations. The local agricultural district would receive more water for agriculture. Rio Grande reservoir enlargement: This would permit the Department of Wildlife to make additional releases to improve the fishery, and help Colorado meet its Compact obligations. d. CBRT member concerns that the State should not compete with the private sector. Tom Clark, Kremmling Mayor, mentioned that the State should not compete with private enterprise. Carlyle Currier mentioned that there is a potential conflict of interest for the CWCB, since it could now act as both a bai~lcer by loaning funds from its Constriction Loan Fund for projects and also serve as a part owner of projects if Policy 18 is adopted. Kim Albertson recommended that the CWCB should limit its role to a lender. Louis Meyer commented that the CWCB should limit purchases of water to maintaining instream flows, and that it should not purchase instream flows for diversion out of the stream. Eastern and Western Slope politics. Rick Brown of the CWCB mentioned that Policy 18 could permit the CWCB to develop projects that would benefit the West Slope. Rachel Richards, Pitkin County Commissioner, expressed concern that Policy 18 could permit the CWCB to participate in projects that facilitate growth, and questioned who would decide that the growth was good for the state. Greg Trainor of Mesa County mentioned that a grant of funds by the CWCB toward a water project, as opposed to a loan, presumed that there should be statewide benefit from the grant. Lurline Curran of Grand County mentioned that Colorado legislative decisions tend to benefit the East Slope due to its greater population, and I:AInterbasin Compact Coimnittee~Basin Roundtables\Colorado~Minutes~Ivlumtes Dec 2007 CBKT.doc 2 4~2,