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shall no longer be available for the designated purposes and shall revert back to <br />the Severance Tax Trust Fund Perpetual Base Account. <br />b. SteQup Provision -The contract with SECWCD Water Activity Enterprise, shall <br />include a "step-up"provision, requiring that if any project participants fail to <br />make their loan repayment to SECWCD, the Enterprise will cover the shortfall. <br />c. Taxpayer's Bill of Rights (TABOR) Compliance -The Enterprise will supply to <br />the CWCB, a TABOR compliance letter prior to entering into the State contract, <br />with respect both to the loan to the Enterprise and the step-up provisions of the <br />participants' agreements. <br />7. Federal Memorandum of Understanding (MOU) - It is contemplated that an MOU between <br />the SECWCD Water Activity Enterprise and a federal agency or agencies will be necessary <br />to address such items as design, ownership and operation of the Arkansas Valley Conduit. <br />This agreement shall be in place prior to execution of a State contract. <br />8. Status Report on Conditions -Prior to executing a State loan contract, the CWCB staff shall <br />provide a status report to the Board on the fulfillment of the above loan approval conditions. <br />9. Loan Disbursements -Disbursements from the CWCB to the Enterprise will be in the same <br />percentage (and time frame) relative to the total CWCB loan amount, as disbursements <br />made from the Federal government relative to the total Federal government cost-share <br />commitment. <br />