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1 <br /> 20 Evaluation of Actions Taken on Colorado Water Conservation Board as of December 1999 <br /> were 19 cases (28 percent) where a deed had never been filed, even though it was required. In 1 <br /> addition,we found that a majority of the deeds were not filed within the Board's standard time frame <br /> of ten days from contract execution. <br /> Recommendation No. 10 (September 1998): <br /> The Water Conservation Board should ensure that all security documents ( b e. ., deeds of trust and <br /> UCC-1 statements) are filed in a timely manner when a loan is made (i.e., within ten days of the <br /> contract execution date)and as needed during the life of the loan(i:e., upon project completion and r <br /> expiration of any previous UCC-1 filing). This should include developing a reliable system for <br /> monitoring loans to ensure the proper security documents are requested, obtained, and filed in a <br /> timely manner. The Board should also review all active loan files to determine which ones need to I <br /> have security documents filed and then file the appropriate documents immediately. In instances <br /> where the Board may no longer have a senior position in the collateral, it should negotiate for this ii <br /> position to ensure the State's interests are protected to the fullest extent possible. II <br /> Water Conservation Board's Report Response <br /> I <br /> (September 1998): <br /> Agree. We will assess our current capability to pay sufficient attention to these ,r <br /> responsibilities, especially in light of the size of the Fund and the increasing number of <br /> projects we are supporting each year. In addition to the discussions with other public <br /> agencies having similar responsibilities, the CWCB staff is in the process of reevaluating <br /> Construction Fund Loan Program workload allocation and priorities. These reviews will be <br /> completed by June 30, 1999, and may result in a reallocation of staff assignments or in the <br /> Board and Department submitting a decision item to add this staff capability. <br /> Implementation Date: June 1999. 1 <br /> Water Conservation Board's Update (October 1999): <br /> In progress. Draft procedures have been developed to assure that all security instruments <br /> I <br /> associated with Construction Fund loans are recorded in a timely manner. These procedures <br /> are currently being tested and should be implemented by January 1, 2000. All active loan <br /> files have been reviewed relative to collateral and all security instruments are being updated, <br /> filed, or re-negotiated. <br /> I <br /> I <br /> I <br />