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<br />water conservation board construction fund. Said loans shall be in the <br />amounts listed in subsection (I) of this section plus or minus such amounts, <br />if any, as may be justiiied by reason of ordinary fluctuations in construction <br />costs as iD.dicated by the engineepu'lg cost indices applicable to the types of <br />construction required for each project or as may be justified by reason of <br />changes in the plans for a project due to differing or umorseen site <br />conditions, errors or omissions in the plans and specifications, changes <br />instituted by regulatory agencies, or changes in material quantities beyond <br />contract limits. <br /> <br />(3) Pursuant to section 37-60-120(1), Colorado Revised Statutes, <br />the board shall require such terms and conditions in such contracts as will <br />ensure repayment of funds made available by it. The board sball not <br />disburse any moneys for any loan authorized by subsection (1) of this <br />section unless and until it is satisfied, at its sole discretion, that the recipient <br />of any such loan will be able to make repayment pursuant to the terms and <br />conditions established by. the board and by subsection (1) of this section. <br /> <br />, <br />.' <br /> <br />SECTION 2. Project loan authorizations from the severance tax <br />trust fund perpetual base account. (I) PursUant to section 39-29-109 (I) <br />(a) (1), Colorado Revised Statutes, the Colorado water conservation board <br />is hereby authorized to loan morieys from the severance tax trust fund <br />perpetual base accoUnt to enable the construction of the following water <br />resources projects with the following priority: <br /> <br />Priority <br /> <br />Borrower-Project <br /> <br />Loan Amount <br /> <br />(a) <br /> <br />Highland Ditch Company - Foothills <br />Reservoir Dam Rehabilitation <br /> <br />$ 1,040,000 <br /> <br />.-_.-------..--. <br /> <br />(b) <br /> <br />City of Fort Morgall- Raw Water <br />Pipeline .. <br /> <br />/".$ 4,000,000 <br />, --'">-- <br />~ <br /> <br />(c) Northern Colora,lo Water Association $ 900,000 <br />- Purchase of Wells and Water Rights <br /> <br />Total <br /> <br />S 5,940,000 <br /> <br />b Loan to refmance a water project wholly or partially completed. <br /> <br />" <br /> <br />/,_J <br /> <br />(2) The Colorado water conservation board may make loans for the <br />construction of the projects specified in subsection (1) of this section from <br />such moneys as are or may hereafter become available to the severance tax <br /> <br />PAGE 3-HOUSE BILL 98-1189 <br />