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STATE OF COLORADO <br /> • Colorado Water Conservation Board <br /> Department of Natural Resources <br /> y <br /> ,`c1 1313 Sherman Street,Room 721 \14-! <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 _ a? <br /> FAX:(303)866-4474 -?P-3? ' <br /> www.cwcb.state.co.us <br /> Bill Owens <br /> Governor <br /> MEMORANDUM Russell George <br /> Executive Director <br /> TO: Colorado Water Conservation Board Members <br /> �� Rod B Direct <br /> FROM: Mike Serlet,P.E., CWCB Director <br /> Chief,Water Supply Kanning and Finance Section Dan McAuliffe <br /> Deputy Director <br /> DATE: November 6, 2006 <br /> SUBJECT: Agenda Item 7a-e—November 13-15,2006 Board Meeting <br /> Water Supply Planning and Finance Section—Loan De-Authorization Review <br /> • Introduction <br /> In September 1999,the Board adopted Board Policy#1, Construction Fund and Severance Tax <br /> Trust Fund Perpetual Base Account Project Time Limits, which policy provides the following <br /> direction: <br /> The Colorado Water Conservation Board (CWCB) shall review the status of all Construction <br /> Fund and Severance Tax Trust Fund Perpetual Base Account loan projects that do not have a <br /> fully executed CWCB funding contract within three years of the project's legislative <br /> authorization. These projects may be recommended for inclusion in the list of Project Loan <br /> De-Authorizations in the next annual Construction Fund Bill unless the Board specifically <br /> approves a time extension. <br /> The Policy further outlines the basis for staff recommendations: <br /> 1. If the Project Sponsors have not shown diligence toward execution of a funding contract <br /> within three years of their authorizing legislation, the staff will recommend to the Board <br /> that the project be included in the Project Loan De-Authorization recommendation to the <br /> Legislature. <br /> 2. If the Project Sponsors have progressed towards execution of a project funding contract, <br /> but the progress has been delayed due to extenuating circumstances, the staff may <br /> • recommend that the Board extend the project time limit for one year. The staff will <br /> continue to review the project on an annual basis until a CWCB funding contract is fully <br /> executed or the Board has recommended de-authorization to the Legislature. <br /> Flood Protection•Water Supply Planning and Finance•Stream and Lake Protection <br /> Water Supply Protection•Conservation and Drought Planning <br />