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Mr. Fetcher asked Mr. McDonald to discuss Agenda Item 8b, <br /> Chatfield Channel Improvement Project. In his discussion, <br /> Mr. McDonald summarized the information contained in his <br /> March 1, 1983, memorandum to the Board. (See Appendix F. ) He <br /> pointed out that CWCB construction funds of $2 .5 million <br /> authorized by S.B. 537 in 1977 were no longer sufficient because <br /> of increases in the valuation of lands required for the project. <br /> Current estimates show that about $7.5 million may be required to <br /> meet the state' s obligations (including cost already incurred <br /> amounting to $267,000) . In his closing remarks Mr. McDonald <br /> suggested that the Board recommend to the General Assembly to <br /> increase the authorization for the project to $7.5 million. <br /> Mr. Robbins moved, seconded by Mr. Jackson, that the Board adopt <br /> the recommendation as stated above. The motion was adopted by <br /> unanimous voice vote. <br /> Mr. Fetcher moved to Agenda Item 9--Transmittals to General <br /> Assembly and asked Mr. McDonald to brief the Board on the <br /> requirements for and the contents of the Annual Report to the <br /> General Assembly. <br /> In his summary, Mr. McDonald stated that this Agenda Item <br /> consisted of two parts, namely Item 9a, Annual Report and Item <br /> 9b, Project Recommendations Pursuant to Section 37-95-107, CRS, <br /> 1973 as amended. <br /> -7- <br />