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Page 3 Although the statute clearly authorizes the Board to unilaterally approve loans in amounts less than five million dollars, it is not entirely clear whether the Board has the authority to grant multiple loans to the same company for the same project without the approval of the Legislature. It is arguable whether the Board could or should be allowed to grant multiple loans to the same company for the same project. However, the statute does not explicitly prohibit the Board from granting multiple loans. II. The language of the statute does not explicitly prohibit the Board from granting multiple loans. Section 37-60-122(b), C.RS. states that the Board has the authority to grant loans in amounts less than five million dollars without legislative approval. The statute does not address whether the Board has the authority to grant multiple loans, all less than five million dollars, to the same company for the same project. Although the statute does not explicitly grant the Board the authority to grant multiple loans, it also does not explicitly prohibit the Board from granting multiple loans. However, one can argue that allowing the Board to grant multiple loans would effectively circumvent the requirement for legislative approval for all loans in excess of five million dollars. If the Board were allowed to grant multiple loans to the same company for the same project, it could result in the Board granting all loans which would exceed five million dollars in increments of five million dollars, thereby allowing the Board to bypass the legislative approval requirement. Nevertheless, in this instance, the Board is not intentionally attempting to split a loan in excess of five million dollars in order to bypass the requirement for legislative approval. The Board is simply faced with a situation where the same company has come to the Board for a loan on two separate occasions for the same project.