LEG00152

• Bill Number: SB88-030
• Year: 1988
• Title: Concerning Projects Funded by the Colorado Water Conservation Board Construction Fund and Relating to the Activities of the Colorado Water Conservation Board in Connection Therewith
• Legislation - Doc Type: Construction Fund Bill

specified in subsection (1) of this sectio~ shall not exceed
fifty percent of the total cost of constructing a project;
except that the board's loan for the Continental and Santa
Maria Dams rehabilitation project shall be for one hundred
percent of the total cost of constructing that project.

(3) Contracts entered into by the Colorado water
conservation board pursuant to section 37-60-119 (2), Colorado
Revised Statutes, for loans to enable the construction of the
projects specified in subseetion (1) of this section shall be
subject to the repayment periods and total repayments set
forth therein; except that total repayments shall be adjusted
to reflect any changes in the amounts loaned by reason of
subsection (2) of this section. Pursuant to section 37-60-120
(I), Colorado Revised Statutes, the board shall require terms
and conditions in such contracts as will assure repayment of
funds made available by it. Furthermore, the board shall not
disperse any moneys for any loan authorized by subsection (1)
of this section until it is satisfied, in its sole discretion,
that the recipient of any such loan will be able to make
repayment pursuant to the terms and conditions established by
the board and by subsection (1) of this section.

SECTION 2. Add it i ona 1 authori zat ions. (1) Pursuant to
section 37-60-122 (1) (b), Colorado Revised Statutes, the
Colorado water conservation board is hereby authorized to loan
moneys to the Orchard City Irrigation District, Grand Valley
Water Users Association, Uncompahgre Valley Water, Users
Association, Orchard Mesa Irrigation District, Overland Ditch
and Reservoir Company, City of Fort Collins, North Poudre
Irrigation District, and the Water Supply and Storage Company
to enable each entity, if it chooses to do so, to repurchase
from the United States bureau of reclamation, pursuant to
section 5301 of the federal budget reconciliation act of 1987,
the outstanding loans which each entity has with the bureau of
reclamation.

(2) The total sum which the board may loan to all of the
entities shall not exceed $7.5 million. The board shall loan
to each entity a minimum of fifty percent of the moneys for
the repurchase of its loan or loans from the bureau of
reclamation,'of'a lesser amount on a prorata basis with all
entities if the total sum authorized is insufficient. The
board may loan to an entity more than fifty percent of the
moneys for the repurchase of its loan or loans if the board
determines that this is necessary to make it financially
possible for an entity to repurchase its loan or loans.

(3) Loans made by th~ board pursuant to this section
shall bear interest at the rate of five percent per annum.
Such loans shall have repayment periods of not more than forty
years, with such repayment periods to be as short as possible

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