Colorado Water Resources & Power Development Authority Jan 2003

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Board Meeting Minutes December 6, 2002 Page 5 of 7 • Legislative Issues and Other Business of the Authority Mr. Law also reported on his conversation with Senator Lewis.Entz regarding possible changes to the Authority's statute, specifically the removal of language requiring water projects to seek legislative approval and the requirement of simultaneous funding of similar projects in separate areas of the state. Julie McKenna discussed her conversation with Rep. Diane. Hoppe concerning sponsorship of the Authority's proposed legislation. Ms. McKenna also discussed Rep. Hoppe's proposed bill concerning the Authority, water resources and drought protection. She also addressed the Authority's image as a player in the solution to the state's water issues and the need to educate the legislators in water issues and the function of the Authority. At this point, Mr. Sharp returned and chaired the meeting. The Board reached consensus that it did not oppose any language in Rep. Hoppe's bill pertaining to the Authority, and that it did support the concept of the bill. A motion was made to allow Mr. Law, with legal review, to move forward on draft legislation to remove the simultaneous funding of projects (107.5), the feasibility study review by the.CWCB, the definition of small water project which includes the $100 million loan limitation, and remove the joint resolution process for water projects. Motion By: Steve Hams 2 "d By: Ann Nichols Vote: Motion Carried Ms. McKenna then talked briefly about DNR Director Greg Walcher's appearance before the Joint Budget Committee regarding some potential merger between the CWCB and the Authority. She encouraged the Authority Board members to contact their local legislators and to educate the new Ag • Committee members on the work of the Authority. Report of Buffet & Audit Committee — Resolution Nos. 02 -34, 02 -35 and 02 -36 _ Duane Dohrer advised the Board that following the previous publication of the proposed 2003 budget, the Directors and Officers insurance coverage had encountered renewal difficulties. The Budget and Audit Committee had concurred that the Authority would self - insure at a rate of $600,000 per incident, $150,000 per person, and an additional line item of $800,000 had been added to the budget to cover any claim. When asked for any further legal comments, Mary Hammond suggested that Resolution No. 02- 36, authorizing the self - insurance, be adopted prior to Resolution Nos. 02 -34 and 02 -35 adopting the budget as proposed and making appropriations to the proper funds and spending agencies. The amount allocated for the D &O insurance line item was briefly discussed. It was then moved to adopt each resolution in turn. Resolution No. 02 -36 Motion By: Bob Carlstrom 2nd By: Steve Harris Vote: Motion Carried Resolution No. 02 -34 Motion By: Sara Duncan 2 "d By: Randall Palmgren Vote: Motion Carried •