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• promote water project development. From this point of view, <br /> state government carries out several general functions : <br /> (1) Protection of Colorado ' s interests in interstate <br /> waters, compacts, and U.S. Supreme Court decrees, <br /> (2) Protection of future development opportunities from the <br /> adverse effects of federal programs, activities, and water <br /> rights claims, <br /> (3) Support for the authorization and construction of <br /> federal projects, and <br /> (4) Direct use of state money to finance water projects <br /> (primarily through the CWCB construction fund and secondarily <br /> through the initial appropriation to the Development Authority <br /> to give it the start-up money with which to leverage revenue <br /> bonds) . <br /> After Board discussion, Mr . Robbins moved, seconded by Mr . <br /> Lochhead, that the Board request the staff to prepare a useful <br /> and constructive framework for the Board ' s further discussion <br /> of policies and strategies for water development in Colorado, <br /> such discussions to provide for full opportunity for public <br /> input. <br /> • Motion adopted unanimously. <br /> Agenda Item 18 - Proposed Lease of Water to San Diego County <br /> Water Authority - Appendix L <br /> In introducing this item, Mr . McDonald stated that in <br /> August, 1984, the San Diego County Water Authority, California <br /> (the Authority) , executed an "option agreement" with the <br /> Galloway Group, Limited (Galloway) , a Colorado corporation, <br /> which agreement purports to give the Authority the right to <br /> "lease" water from sources in the Upper Colorado River System. <br /> At the same time, Galloway also offered to "lease" water from <br /> each of the states of Colorado, Utah, and Wyoming. Each of <br /> these transactions is briefly described in Mr . McDonald ' s memo <br /> to the Board, dated November 9, 1984; this memo is included in <br /> Appendix L, attached. <br /> In the week immediately prior to the execution of the <br /> option agreement between Galloway and the Authority, Galloway <br /> through its Attorney presented to the governors of Colorado, <br /> Utah, and Wyoming documents styled "option agreements, " which <br /> documents are identical to each other except that the one <br /> offered to Utah includes a clause giving Utah "preferred <br /> nation" status in the exercise of its option. These options, <br /> which were offered to each governor for the sum of $10, 000, <br /> • purport to give a state the right to enter into a "lease <br /> agreement" by which the signatory state would lease 50, 000 to <br /> -17- <br />