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<br />litigation against the United States. <br /> <br />SECTION 4. Section 1 (2) of chapter 32, Session Laws of <br />Colorado 1987, is amended to read: <br /> <br />Section 1. Project authorizations. (2) The Colorado <br />water conservation board may make loans for the construction <br />of each project specified in subsection (1) of this section <br />from such moneys as are or may hereafter become available to <br />the Colorado water conservation board construction fund, said <br />loans to be in the amounts listed in said subsection (1) plus <br />or minus such amounts, if any, as may be justified by reason <br />of ordinary fluctuations in construction costs as indicated by <br />the engineering cost indices applicable to the types of <br />construction involved for such projects or as may be justified <br />by reason of changes made in the plans for a project if those <br />changes are required by final engineering drawings and <br />specifications or by federal or state requirements. The <br />board's loan for any project specified in subsection (1) of <br />this section shall not exceed fifty percent of the total cost <br />of constructing a project, except for the Rio Grande Ditches <br />and Drains project AND THE GURLEY RESERVOIR PROJECT, for which <br />the board's loan may be for up to one hundred percent of tRat <br />~F9~eet~5 THOSE PROJECTS' total cost, AND EXCEPT FOR THE LONE <br />CABIN PROJECT, FOR WHICH THE BOARD'S LOAN MAY BE FOR UP TO <br />EIGHTY PERCENT OF THAT PROJECT'S TOTAL COST. <br /> <br />SECTION 5. Section 1 (4) of chapter 281, Session Laws of <br />Colorado 1985, is amended to read: <br /> <br />Section 1. Project authorizations. (4) The Colorado <br />water conservation board is authorized to expend not more than <br />one million dollars of the loan authorized in subsection (1) <br />of this section to prepare feasibility reports on the various <br />components of the San Miguel water conservancy district <br />project -- phase 2, 2, INCLUDING INVESTIGATION OF PUMPBACK AND <br />CONVENTIONAL HYDROPOWER FACILITIES IN THE SAN MIGUEL CANYON; <br />except that any amount expended by the board on feasibility <br />reports need not be repaid unless the portion of the project <br />to which a report is addressed is in fact constructed. The <br />moneys for construction of this project shall not be made <br />available by the board until the board has, in its sole <br />discretion, determined that the project or any portion thereof <br />is technically and financially feasible. <br /> <br />SECTION 6. 37-60-115 (4), Colorado Revised Statutes, as <br />amended, is amended BY THE ADDITION OF A NEW PARAGRAPH to <br />read: <br /> <br />37-60-115. Water studies. (4) (e) The board is <br />authorized to pay for the expenses of periodically updating <br />and maintaining, and making the annual report concerning, the <br /> <br />PAGE 5-SENATE BILL NO. 30 <br />