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1 <br /> each project specified in paragraph (a) of this subsection <br /> (1), from such moneys as are or may hereafter become available <br /> to the Colorado water conservation board construction fund, <br /> the amounts of money listed in said paragraph (a) plus or <br /> minus such amounts, if any, as may be justified by reason of <br /> ordinary fluctuations in construction costs as indicated by <br /> the engineering cost indices applicable to the types of <br /> construction involved for such projects or as may be justified <br /> by reason of changes made in the plans and specifications of a <br /> project if those changes are required by finalized engineering <br /> drawings and specifications or by federal or state <br /> requirements. <br /> (c) The sponsor of a project specified in paragraph (a) <br /> of this subsection (1) may not give notice of an award of a <br /> contract nor notice to proceed with the construction of a <br /> project, nor in any manner incur costs for or initiate final <br /> designs and specifications for, or the construction of, a <br /> project, until such sponsor has entered into a contract with <br /> the Colorado water conservation board for the construction of <br /> the project and has otherwise complied with all procedures and <br /> conditions required by the board. If a sponsor fails to <br /> comply with this paragraph (c) , the Colorado water <br /> conservation board may, at its discretion, terminate all or a <br /> portion of the board' s financial contribution to a project, <br /> notwithstanding the authorization made by paragraphs (a) and <br /> • (b) of this subsection (1), or the board may require such <br /> assurances from the project sponsor as the board deems <br /> necessary in order to adequately protect the board' s <br /> investment in a project. <br /> (2) (a) Contracts entered into by the Colorado water <br /> conservation board pursuant to sections 37-60-106 (1) (o) and <br /> 37-60-119 (2), Colorado Revised Statutes, for the use of the <br /> projects specified in paragraph (a) of subsection (1) of this <br /> section shall be subject to the payment periods and total <br /> payments set forth therein; except that total payments shall <br /> be adjusted to reflect any changes in expenditures made by <br /> reason of paragraph (b) of subsection (1) of this section and <br /> except that the total payment may be reduced to reflect the <br /> smaller interest charges due when the sponsor of a project <br /> makes repayment in less than the maximum authorized payment <br /> period. <br /> (b) The Colorado water conservation board may extend the <br /> payment period for any project and defer one or more annual <br /> payments, notwithstanding the provisions of paragraph (a) of <br /> this subsection (2), if, in the board's opinion, the entity <br /> requesting such extension and deferment demonstrates that it <br /> has encountered significant and unexpected financial <br /> difficulties and that it has been duly diligent in its efforts <br /> • to comply with the repayment provisions of its contract with <br /> PAGE 2-HOUSE BILL NO. 1128 <br />