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leads to a conclusion that about $7.5 million may be required to <br /> meet the state's obligations ( including costs already incurred) . <br /> Legislation currently pending before the General Assembly (HB <br /> 1320) recognizes the state's obligation by explicitly excluding <br /> from the transfer of moneys from the CWCB construction fund the <br /> remaining money needed for the Chatfield project. <br /> Recommendation <br /> Although Section 4 of SB 537 ( 1979) provides that <br /> authorized expenditures are ". . plus or minus such amounts, if <br /> any, as may be justified by unforeseen circumstances or by reason <br /> of ordinary fluctuations in land values and construction costs as <br /> indicated by-cost indices . . . ," the potential escalation of the <br /> Chatfield project from $2.5 to $7.5 million is such a major <br /> increase in the state's investment that explicit reauthorization <br /> by the General Assembly at the higher level would be desirable. <br /> It is recommended that the General Assembly increase the <br /> authorization for the project to $7.5 million. <br /> gl <br /> MEMORANDUM -2- 3/1/83 <br />