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I <br /> Table of Contents <br /> PAGE <br /> REPORT SUMMARY 1 <br /> Recommendation Locator 7 <br /> DESCRIPTION OF THE WATER CONSERVATION BOARD AND THE <br /> CONSTRUCTION FUND LOAN PROGRAM 9 <br /> CHAPTER 1. CONSTRUCTION FUND MANAGEMENT 13 <br /> Overall Management of the Program Needs Improvement 13 <br /> Resources May Exceed Demand Given Current Statutory Spending Priorities 16 <br /> Other Financing Is Available for Many Projects <br /> 20 <br /> Water Projects May Not Be Consistent With Statutory Requirements 21 <br /> Project Funds Are Not Deauthorized in a Timely Manner 24 <br /> CHAPTER 2. LOAN APPLICATION AND REVIEW 29 <br /> Many Project Loans Are Approved Without a Completed Feasibility Study 30 <br /> Some Projects Receive Funding for Feasibility Studies 32 <br /> The Board's Lending Policy Does Not Systematically Assess the Relative Risk of <br /> Individual Loans 34 <br /> The Collateral Obtained for Individual Loans Varies 37 <br /> The Board Is Not Filing Some Deeds of Trust as Required 39 <br /> A Reliable System for Tracking Compliance With Insurance Requirements Is Needed 41 <br /> Recordkeeping Needs Improvement 43 <br /> I <br /> I <br />