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I <br /> 29 <br /> 1 Loan Application and Review <br /> Chapter 2 <br /> I <br /> Background <br /> Statutes and Board procedures outline the processes that entities, such as water <br /> districts, must use to apply for a project loan. The first step is submitting a loan <br /> application, which can be done at any time throughout the year. After the Board <br /> receives an application,it is reviewed and discussed with the applicant. The second <br /> step is conducting a feasibility study. These studies are usually performed by <br /> consulting firms selected by the applicant upon advice of the Board. The Board is <br /> also authorized by statute to provide funds to help applicants conduct feasibility <br /> studies. After completion and staff approval of the study, a formal request for <br /> funding is submitted to the Board. The Board then considers, approves or <br /> disapproves,and prioritizes each request for funding. Project loans under$100,000 <br /> can be authorized and funded by Board decision alone, whereas loans in excess of <br /> this amount must be authorized by the Board, the General Assembly, and the <br /> Governor before they receive funding. <br /> ' ' <br /> of <br /> Feasibility Studies Help the Board Make Informed <br /> I o <br /> Funding Decisions <br /> Feasibility studies are required to be prepared in sufficient detail to allow the Board <br /> to make an informed decision about whether or not to fund a particular project. To <br /> support this objective,the Board's feasibility study guidelines require the applicant <br /> I to: <br /> • Submit a feasibility study plan to the Board's staff. The study plan <br /> outlines the major tasks that will be undertaken during the feasibility study <br /> and estimates the cost and time needed to complete the study. The study plan <br /> must be approved by Board staff before starting work on the feasibility study <br /> itself. <br /> • Conduct the feasibility study. Statutes(Section 37-60-122,C.R.S.)require <br /> all projects funded through the Program to have a feasibility study. Studies <br /> must include a description of the project and the entity requesting the <br /> funding; various geographic, climatic, hydrologic, and water quality data; <br /> 1 <br />