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Finally, section 37-60-121 (4) (b) , CRS 1973 , as amended , <br /> directs the Board to make an accounting of all expenditures from <br /> the construction fund incurred through the end of the previous <br /> fiscal year for the personal services, operating, travel and <br /> subsistence, and capital expenses of administering and managing <br /> the construction fund program. This subsection specifies that <br /> the Board is authorized to expend for such purposes, on a <br /> continuing basis, not more than one and one-half percent of the <br /> moneys appropriated , allocated , or otherwise credited to the <br /> construction fund. <br /> Projects Recommended for Authorization <br /> At its January 6-7 and March 3, 1983, regular meetings, the <br /> Board reviewed and voted to recommend that seven projects be <br /> authorized (see Table 1 ) . Brief summaries of each proposed <br /> project are enclosed . <br /> With respect to the Stagecoach Reservoir project, Upper <br /> Yampa Water Conservancy District, the Board's recommendation <br /> includes four conditions : <br /> ( 1 ) Repayment of the Board 's investment shall be guaranteed <br /> with the District's ad valorem taxes and revenues from <br /> the sale of project water, contracts for such sales to <br /> be executed to the Board's satisfaction prior to the <br /> initiation of construction on the project; <br /> -2- <br />