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• exceed$17,000,000. Such funds shall be considered a non-Federal contribution for the <br /> purposes of this Act. The funding authorized by this paragraph over any 2-fiscal-year <br /> period shall be made available in amounts equal to the contributions for the same 2- <br /> fiscal-year period made by the Upper Division States pursuant to paragraph(1). <br /> And, Section 3(c)(3) of the law allows the Secretary of Energy to help pay for capital <br /> projects using a loan or loans from the CWCB: <br /> (3) The additional funding provided pursuant to paragraph(2)may be provided through <br /> loans from the Colorado Water Conservation Board Construction Fund(37-60-121 <br /> C.R.S.)to the Western Area Power Administration in lieu of funds which would <br /> otherwise be collected from power revenues and used for storage project repayments. The <br /> Western Area Power Administration is authorized to repay such loan or loans from power <br /> revenues collected beginning in fiscal year 2012, subject to an agreement between the <br /> Colorado Water Conservation Board, the Western Area Power Administration, and the <br /> Bureau of Reclamation. The agreement and any future loan contracts that may be entered <br /> into by the Colorado Water Conservation Board,the Western Area Power <br /> Administration, and the Bureau of Reclamation shall be negotiated in consultation with <br /> Salt Lake City Area Integrated Projects Firm Power Contractors. The agreement and loan <br /> contracts shall include provisions designed to minimize impacts on electrical power rates <br /> and shall ensure that loan repayment to the Colorado Water Conservation Board, <br /> including principal and interest, is completed no later than September 30, 2057. The <br /> Western Area Power Administration is authorized to include in power rates such sums as <br /> 41111 are necessary to carry out this paragraph and paragraph(2). <br /> A copy of the federal law is attached. <br /> In 1998, in anticipation of the passage of the federal law,the General Assembly created the <br /> Colorado River Recovery Program Loan Fund(37-60-122.9 C.R.S.): <br /> Colorado river recovery program loan fund- creation. (1) There is hereby created in the <br /> state treasury as part of the Colorado water conservation board construction fund the <br /> Colorado river recovery program loan account for the purpose of making loans to the <br /> Colorado river and San Juan river recovery programs for the construction or <br /> improvement of certain water related projects in Colorado, under agreements with power <br /> users of the federal Colorado river storage project, required to recover the four <br /> endangered fish species of the upper Colorado river, including the San Juan river. <br /> (2) The Colorado water conservation board shall recommend loans from the Colorado <br /> river recovery program loan account to the general assembly pursuant to section 37-60- <br /> 122 (1) (b). The loans shall be subject to an interest rate and repayment provisions to be <br /> determined by the Colorado water conservation board. <br /> Since the passage of the state law, $17 million has been allocated to this account. <br /> Loan Application <br /> On January 3,2001 the Western Area Power Administration(WESTERN) submitted its first <br /> • loan application for$5.5 million. The Board subsequently approved the application, the General <br /> Colorado Water Conservation Board 2 <br /> Flood Protection•Water Project Planning and Financing•Stream and Lake Protection <br /> Water Supply Protection•Conservation Planning <br />