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SECTION 9. 37-60-119, Colorado Revised Statutes, as
<br /> amended, is amended to read:
<br /> 37-60-119. Construction of water and power facilities -
<br /> contracts with and charges against users. (1) In order to
<br /> promote the general welfare and safety of the citizens of this
<br /> state, the board may, SUBJECT TO THE PROVISIONS IN SECTION
<br /> 37-60-122, construct, rehabilitate, enlarge, or improve, OR
<br /> LOAN MONEYS TO ENABLE THE CONSTRUCTION, REHABILITATION,
<br /> ENLARGEMENT, OR IMPROVEMENT OF, such flood control , water
<br /> supply, and hydroelectric energy facilities, together with
<br /> related recreational facilities, in whole or in part, as will ,
<br /> in the opinion of the board, abate floods or conserve, effect
<br /> more efficient use of, develop, or protect the water and
<br /> hydroelectric energy resources and supplies of the state of
<br /> Colorado. In carrying out such program, the board is directed
<br /> to place special emphasis upon the adoption and incorporation
<br /> of measures which will encourage the conservation and more
<br /> efficient use of water, including the installation of water
<br /> meters or such other measuring and control devices as the
<br /> board deems appropriate in each particular case.
<br /> (2) The board may, SUBJECT TO THE PROVISIONS IN SECTION
<br /> 37-60-122, enter into contracts for the use of, OR TO LOAN
<br /> MONEYS TO ENABLE THE CONSTRUCTION, REHABILITATION,
<br /> ENLARGEMENT, OR IMPROVEMENT OF, said flood control , water,
<br /> power, and any related recreational facilities, by--and with
<br /> any agency or political subdivision of this state or the
<br /> federal government, with individuals, with corporations, or
<br /> with organizations composed of citizens of this state. Any
<br /> such contracts may provide for such charges to the using
<br /> entity as, in the opinion of the board, are necessary and
<br /> reasonable to recover the board' s capital investment, together
<br /> with operational , maintenance, and service INTEREST charges
<br /> over the term of years agreed upon by contract. Service
<br /> INTEREST charges shall be assessed at no less than five
<br /> percent. Any such charges so collected shall be credited to
<br /> and made a part of the Colorado water conservation board
<br /> construction fund. All or any portion of the costs
<br /> attributable to flood control and recreation may be considered
<br /> nonreimbursable in the discretion of the board, but only to
<br /> the extent approved by the general assembly as specified in
<br /> section 37-60-122.
<br /> SECTION 10. 37-60-120, Colorado Revised Statutes, is
<br /> amended to read:
<br /> 37-60-120. Control of projects - contractual powers of
<br /> board. The state of Colorado shall have the ownership and
<br /> control of such portions of said projects, OR SHALL TAKE A
<br /> SUFFICIENT SECURITY INTEREST IN PROPERTY OR TAKE SUCH BONDS,
<br /> NOTES, OR OTHER SECURITIES EVIDENCING AN OBLIGATION, as will
<br /> PAGE 9-HOUSE BILL NO. 1128
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