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<br />e <br /> <br />e <br /> <br />. <br /> <br />operation, and maintenance of approved water infrastructure projects. <br />Specifies that bonds are legal investments and that bonds are tax-exempt <br />unless the board waives the exemption. Specifies a 30-day statute of <br />limitations for legal actions questioning the validity of or seeking to <br />enjoin any action taken pursuant to the provisions of this legislation. <br />Requires the board to make annual reports to the general assembly <br />regarding bonds and specifies information to be included in such reports. <br />Specifies that the powers conferred by this legislation are in <br />addition and supplemental to, and not in substitution for, and the <br />limitations imposed by the bill do not directly or indirectly modify, limit, <br />er affect, the powers conferred to the board, the state treasurer, the <br />department of natural resources, or the Colorado water resources and <br />power development authority by any other law. <br />Makes legislative findings and declarations. Defines terms. <br />Makes a conforming amendment. Provides for the repeal of the <br />provisions of the bill if the ballot question to be submitted at the <br />November 2003 election is rejected by the voters. <br /> <br />I <br />2 <br />3 <br />4 <br />5 <br />6 <br /> <br />Be it enacted by the General Assembly of the State of Colorado: <br />SECTION 1. Article 60 oftitle 37, Colorado Revised Statutes, <br />is amended BY THE ADDITION OF A NEW PART to read: <br /> <br />PART 2 <br />WATER INFRASTRUCTURE REVENUE BONDS <br /> <br />37-60-201. Legislative declaration. (1) THE GENERAL <br /> <br />7 ASSEMBLY HEREBY FINDS AND DECLARES THAT 2003 MARKS COLORADO'S <br /> <br />8 FOURTH CONSECUTIVE YEAR OF DROUGHT CONDITIONS AND THAT <br /> <br />9 COLORADO IS LIKELY TO CONTINUE TO EXPERIENCE CYCLES OF DROUGHT <br /> <br />lOIN THE FUTURE THAT WILL REDUCE THE AMOUNT OF WATER RESOURCES <br /> <br />II AVAILABLE TO MEET THE STATE'S GROWING NEEDS FOR GOOD-QUALITY, <br />12 AFFORDABLE WATER SUPPLIES. <br /> <br />13 (2) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT: <br /> <br />14 <br /> <br />(a) <br /> <br />COLORADO'S EXISTING WATER INFRASTRUCTURE IS <br /> <br />15 INSUFFICIENT TO ENABLE THE STATE TO FULLY EXERCISE ALL OF ITS <br /> <br />16 <br /> <br />COMPACT ENTITLEMENTS TO WATER, INCLUDING BUT NOT LIMITED TO PEAK <br /> <br />-3- <br /> <br />SB03-236 <br />