LEG00050

• Bill Number: SB03-236
• Year: 2003
• Title: Water Board Revenue Bonds
• Legislation - Doc Type: Other CWCB Related Bills - Passed

to allow the Colorado water conservatipn board (board) to issue up to $10
billion of water infrastructure revenu~ bonds (bonds) for the purpose of
financing water infrastructure projec~s that have been reviewed by the
board and approved by the governor land to exclude revenues derived
from bond proceeds and projects finanbed by bonds from state fiscal year
spending. If the voters of the state approve the ballot question, requires
the board to issue bonds for such projects. Requires a minimum of $ _
of such bonds to be available to finance approved water
infrastructure projects that augmeht or improve existing water
infrastructure facilities or conserve i existing water supplies without
creating new water storage facilities. .
Sets forth procedures and requirements for issuing bonds.
Specifies that the principal and interest on bonds shall be paid solely
from:
Revenues and receipts derived from the sale of water or
power or other assets from a water infrastructure project
whose construction, deiVelopment, or improvement was
financed in whole or in part by bonds;
Bond proceeds; and ,
Earnings from the inves~ment of bond proceeds.
Further specifies that holders of bonds may not look to any other
revenues of the state for payment of the bonds.
Authorizes the board to refund bonds, to engage the services
required or advantageous in connection with bonds, and to enter into
interest rate exchange agreements for bonds. Requires bonds to include
specified terms. Requires the board to delegate certain authority needed
for the efficient issuance of bonds to \he state treasurer and requires the
state treasurer to exercise such authority in consultation with the board.
Creates the water infrastructure development fund (fund) in the
state treasury. Requires unpledged bond proceeds and revenues and
receipts derived from the sale of water, power, or other assets from a
water infrastructure project whose- construction, development, or
improvement was financed in whole or in part by bonds to be credited to
the fund. Requires interest and in~ome earned on the deposit and
investment of fund moneys to be credited to the fund and continuously
appropriates all moneys in the fund to the board to finance approved
water infrastructure projects, to pay apy unpledged costs of issuing and
administering bonds, and to pay other expenses related to bonds or the
financing of approved water infrastru~ture projects. Specifies that bond
proceeds, earnings on bond proceeds, ,and revenues and receipts derived
from the sale of water, power, or other assets by the board from water
infrastructure projects financed by the bonds and earnings on such
revenues and receipts are not to be included in state fiscal year spending.
Grants specified powers to political subdivisions of the state for
the purpose of aiding and cooperating in the financing, construction,

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SB03-236