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period shall be made available in amounts equal to che contributions for tlie s�mie 2- <br />fiscat-year period made Uy the U�per Divisio�l States pu,rsuant to plragrapii (1). <br />And, Section 3(c}(3) of the la�v allows tlle Seci•etary of Energy to l�efp pay for capatal <br />projects [�sing a loan or Ioans from thc C�VCB: <br />(3) The additional fiinding provided pitrsuant to paragraph (2) may be provided througti <br />loans From the Colorado Water Conscrvation Board Co�istruction T'luid (37 -60- l2 L <br />C.R.S.) to the Wcstern Area Po�ver Adminislration in lieu of fiinds �vhictt would <br />otherwisc be coltected from po�ver revenues and usi:d for stora�e project repayments. The <br />�Vestem Arca Power Administiation is authorizecl to repay such loan or (oans from po�vcr <br />revenues coflected beginning in fiscal year 2()I2, subject to an agreement b�tween lhe <br />Colorado �Vatcr Conservation Board, the Westcrn Area Po�ver Administration, and the <br />Bureau of Reclamation. �'he ayeement and any future [oan cociti•acts that rt�ay be entered <br />into by the Co[orado �Vater Conservation Board, the Western Are1 Po�ver <br />Adminiscration, and the Bureau of Reclamation shall bc negotiated in consultation with <br />Salt I.ake City Axea Integrated Projects Firm Power Gontractors. The agreement and loan <br />contracts shalI include provisia�s designed to minimize impacts o�i electrical power ratcs <br />and shatl ensure that lo�n repayment to the Colorado �Vater Conscrvalion Board, <br />inc[uciing princip�l 1nd interest, is completed no later than September 30, 2057. The <br />�Vcst�rn Area Power Administration is authorized to include in po�ver rates sucli sttms as <br />are nec;essary to carry out tl�is paragraph and paragraph (2}. <br />A copy of the fedcral law is attached. <br />[n 1498, in anticipation of'the passage of'tlie federal la�v, tlie Genera[ .Assenibly cre�ted the <br />Colorado River Recovery Pro�•am T.oan Fi�nd (37-60-122.9 C.R.S.}: <br />Colorado river recovery program loan fiind - creation. (1) Tliere is hereby created in thc <br />state treasury as part of the Cotorado water conservation board constn�ction fi�nd the <br />Colorado riv�r recovery progam loan xccou�it f'or the pur}�ose of making Ioans to thc <br />Co[orado river and San Ju1n river recovery pro�rams for the constniction or <br />improveineiit of certain �vatcr relatcd �rojects in Coloraclo, undcr agreements �vith po�ver <br />users of ttte fedcral Colorado river storage project, rec�uired to recover the four <br />endan�;ered fish species o{'thc upper Colorado river, includin� the San luan river. <br />(2} The Co(orado water conscrvation board shall recommend loans fmm the Colorado <br />river recovcry pro�ram foan acco�tnt to tlie general assembly pursuant to section 37-60- <br />122 (1 }(b). The Ioans sh111 be subject to an interest rate and repaymcnt provisions to bc <br />deter�nined by the Colorado water conservation board. <br />Since the passage of the state law, � 12 mi((ion has been allocate�l to this account. <br />Loan 1�.pplication <br />��n January 3, 2001 the �Vestern Area Po�vcr Administration (�VESTER�\) si�bmitted its first <br />�oan application for $5.5 million. The Board subsequently approved tlie application, thc GeneraE <br />Assembly appropriateci f'unds an�l a conttact �vas signed. A copy of the unsigne�i contraet is <br />attacheJ. <br />Colorado WaterComervation Boird 2 <br />Flaod Protertion •�Yater Project Planning and Financing • Strcam and Lake f'rotection <br />Water Supply Protection • Conservation Planning <br />