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1 <br /> II <br /> 16 Evaluation of Actions Taken on Colorado Water Conservation Board as of December 1999 <br /> charging interest during construction or during the feasibility study period. Since the State I <br /> is interested in promoting a thorough analysis of water resource project options,funds spent <br /> on the evaluation of project feasibility are a wise investment and the State might choose to <br /> forgive some or all feasibility study loans or the interest during the study period. <br /> I <br /> Implementation Date: June 1999. <br /> Water Conservation Board's Update (October 1999): <br /> Implemented. Th a CWCB staff h s aff has identified all feasibility study loans made before 1993 <br /> in order to determine whether these loans are payable under the ten-year clause or whether <br /> the loan has attained grant status. All borrowers with these loan types have been contacted <br /> and the loans have either been reverted to a grant or rolled into a construction loan, <br /> depending on the status of project construction. <br /> I <br /> Office of the State Auditor's Evaluation of Actions Taken <br /> (December 1999): 1 <br /> In progress. The CWCB reports that it reviewed all existing contracts to identify feasibility <br /> study loans containing the ten-year clause. In addition to the eight loans we identified in <br /> 1998, the Board identified six additional loans that had not been rolled into a construction <br /> loan or had not been written off due to the expiration of the ten-year period. The following <br /> table identifies the current status of the 14 loans. 1 <br /> Status of Feasibility Study Loans <br /> I <br /> • <br /> With Ten-Year Clause <br /> Number of <br /> Status Loans <br /> Ten-year period expired with no <br /> construction (i.e., loan repayment not <br /> required-loan written off) 4 <br /> Contract has not yet expired 3 1 <br /> In repayment or seeking repayment 2 <br /> Pending final review by CWCB to J <br /> determine if project was constructed 5 <br /> Total 14 1 <br /> Source: Office of the State Auditor review of the Colorado <br /> Water Conservation Board's loan files. <br />