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SECTION XX. Section 2 (1) of chapter 352, Session Laws of Colorado 2007, is <br />amended to read: <br />Section 1. Water project loan authorizations from the severance tax trust fund <br />perpetual base account. (1) Pursuant to section 39-29-109 (1) (a) (I), Colorado Revised <br />Statutes, the Colorado water conservation board is hereby authorized to loan moneys from the <br />severance tax trust fund perpetual base account to enable the construction of the following water <br />resources projects with the following priority: <br />Priority Borrow -Project Loan Amount <br />(a) Southeastern Colorado Water <br />Conservancy District Water <br />Activity Enterprise* Arkansas <br />Valley Conduit Project $60,600,000 <br />(b) Penrose Water District Water <br />Activity Enterprise Water Rights <br />Purchase and Raw Water Pipeline $8,844,570 <br />Total $69,444,570 <br />* The moneys appropriated for this project shall remain available for the designated purposes <br />until the project is completed; except that, if the project sponsor does not enter into a loan <br />contract with the Colorado water conservation board within eve FOUR years after the effective <br />date of this section, then the moneys appropriated in this subsection (1) shall no longer be <br />available for the designated purposes and shall become available for other lawful uses. <br />