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3.4 Perpetual Base Account <br /> ' The moneys in the fund as of July 1, 1995, and one-half of the severance tax receipts credited <br /> to the Severance Tax Trust Fund for fiscal years commencing on and after July 1, 1995, shall be <br /> ' credited to the Perpetual Base Account of the Severance Tax Trust Fund and used for state water <br /> projects pursuant to sections 37-60-119 and 37-60-122, C.R.S. The authorization and contract for <br /> each such project shall require repayment of principal and interest to the Severance Tax Trust Fund <br /> and moneys so repaid shall be credited to the Perpetual Base Account of the Severance Tax Trust <br /> Fund. <br /> ' Pursuant to Section 39-29-109 (1). (a) (I), CRS, the Colorado Water Conservation Board <br /> recommended, and the General Assembly approved, authorization to provide loans from the <br /> Severance Tax Trust Fund Perpetual Base Account totaling $9.94 million to fund 4 water <br /> development projects statewide. These projects are listed in the table below. Each loan represents <br /> partial funding of the total cost of the projects. Additional details about these recommended projects <br /> may be found in Appendix C. <br /> ' TABLE 10 <br /> Colorado Water Conservation Board <br /> ILoans Authorized from the Severance Tax Trust Fund Perpetual Base Account <br /> ' SB97-008 Eagle Park Reservoir Co.-Eagle-Park Reservoir Rehabilitation Eagle $4,000,000 <br /> HB98-1189 Highland Ditch Company-Foothills Reservoir Dam Rehabilitation Boulder $1,040,000 <br /> HB98-1189 City of Fort Morgan-Raw Water Pipeline* Morgan $4,000,000 <br /> HB98-1189 Northern Colorado Water Assoc. -Purchase of Wells and Water Rights Larimer $900,000 <br /> ' Total $9,940,000 <br /> *Loan to refinance a water project wholly or partially completed. <br /> i <br /> 1 <br /> CWCB FY98 Annual Report,page 21 <br />