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<br />10. <br />j ,'''1 <br />....i ~\- <br /> <br />" <br /> <br />'-. <br /> <br />as a result of the compact the rehabilitation of precompact <br />reservoirs is the only effective way of fulfilling the <br />mandates of .this section with respect to the Rio Grande waters <br />within the state of Colorado. <br /> <br />~" <br /> <br />,-" -. <br /> <br />(d) With respect to the Town of Erie project, the board <br />shall not enter into a contract for the construction of this <br />project until the town obtJins a properly adjudicated storage <br />decree for the project and until the town provides such <br />information as the board mJY require to satisfy the board, in <br />its discretion, that the project is financially viable. <br /> <br />(e) The sponsor of a project specified in paragraph (a) <br />of this subsection (1) may not give notice of an award of a <br />contract nor notice to proceed with the construction of a <br />project nor in any manner incur costs or initiate final <br />designs and specifications for a project or for the <br />construction. of a project until such sponsor has entered into <br />a contract with the Colorado water conservation board for the <br />construction of a project and has otherwise complied wlth all <br />procedures and conditions required by the board. If a sponsor <br />fails to comply with this paragraph (e), the Colorado water <br />conservation board may, at its discretion, terminate all or a <br />portion of the board's financial contribution to a project, <br />notwithstanding the authorization made by paragraphs (a) and <br />(b) of this subsection (1), or the board may require such <br />assurances from the project sponsor as the board deems <br />necessary in order to adequately protect the board's <br />investment in.a project. <br /> <br />(2) (a) Contracts entered into by the ColorJdo water <br />conservation board pursuant to sections 37-60-106 (1) (0) and <br />37-60-119 (2), Colorado Revised Statutes 1973, for the use of <br />the projects specified in paragraph (a) of subsection (1) of <br />this section shall be subject to the payment periods and total <br />payments set forth therein; except that total payments shall <br />be adjusted to reflect any changes in expenditures made by <br />reason of paragraph (b) of subsection (1) of this section. <br /> <br />(b) The Colorado water conservation board may extend the <br />payment period for any project and defer one or more annual <br />payments, notwithstanding the provisions of paragraph (a) of <br />this subsection (2), if, in the board's opinion, the entity <br />requesting such extension and deferment demonstrates that it <br />has encountered significant and unexpected financial <br />difficulties and that it has been duly diligent in its efforts <br />to comply with the repayment provisions of its contract with <br />the board. <br /> <br />'. <br />'( <br /> <br />SECTION 5. Project deauthorization. The following <br />projects, authorized in sectlon 2 of chapter 101, Session Laws <br />of Colorado 1978, and in section 5 of chapter 426, Session <br />Laws of Colorado 1981, are hereby deauthorized: <br /> <br />\_- <br /> <br />PAGE 4-SENATE BILL NO. 87 <br />