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would increase funding for the Board's construction fund. H.B. 1039 <br /> would divert a percentage of sales and use tax revenues over a period <br /> of 10 years into the construction fund prior to their placement in the <br /> general fund. It is estimated that H.B. 1039 would result in approxi- <br /> mately $462,000 ,000 accruing to the construction fund over the next <br /> 10 years . Mr. Sherman pointed out that similar measures are being <br /> considered by the Governor and his blue ribbon panel on future capital <br /> I/ <br /> investment needs . <br /> Mr. McDonald then described H.B. 1040. It would make available <br /> to the construction fund a portion of the surplus in the general fund <br /> which results from the present 77 limitation. It would be in effect <br /> over the next 3 fiscal years and would produce an estimated $244,000 ,000 . <br /> Mr. Stapleton inquired as to what considerations had been made for <br /> the use of such large sums of money in the coming years . Mr. McDonald <br /> responded that he had been considering the staff requirements to main- <br /> tain a high level of management control. Second, he noted that the <br /> language in the contracts between the Board and sponsoring entities <br /> could be improved and that this was under consideration. He also <br /> suggested that the Board may have to consider a new process for <br /> selecting among competing projects . Under the current procedure, all <br /> feasible projects have been recommended and ultimately authorized. <br /> However, the potential for increased funds in the construction fund <br /> has generated interest in new kinds of projects , which projects the <br /> Board may not care to support. Thus , the Board may need to select from <br /> among proposals and it will need new criteria for doing so. After a <br /> general discussion, it was agreed that the Board would need to spend <br /> significant time in reviewing the procedures and criteria for management <br /> of an expanded construction fund program. <br /> Mr. Stapleton next called for a report on the proposed Juniper- <br /> Cross Mountain project. Mr. Rolly Fischer of the Colorado River Water <br /> Conservation District described the District's proposal. The project <br /> would consist of two reservoirs on the Yampa River west of Craig. It <br /> would have a capacity of 148 ,000 kilowatts . The estimated cost of <br /> $172,000 ,000 would be paid for through the sale of the electrical <br /> energy generated by the project. There is also provision for supple- <br /> mental irrigation water from the project. In closing, Mr. Fischer <br /> urged the Board to adopt a resolution supporting the project, a draft <br /> of which resolution (attachment F) he had provided to Board members <br /> I/ <br /> in advance. <br /> Mr. Stapleton asked whether Mr. Fischer had responded to a letter <br /> from the Governor of December 21, 1979 (attachment G) . Mr. Fischer <br /> said that he had not. He noted that he had, however, been holding <br /> informal discussions with Mr. McDonald and Mr. Sherman concerning <br /> -2- <br />