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<br />1810
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<br />Water and Irrjgation
<br />
<br />Ch. 435
<br />
<br />Ch. 435
<br />
<br />Water and Irrigation
<br />
<br />1811
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<br />37~95-118. Bonds eligible for investment. Bonds issued under the provi-
<br />sions of this article are hereby made securities in which all public officers
<br />and public bodies of the state and its political subdivisions and all insurance
<br />companies, trust companies, banking associations, savings and loan associa-
<br />tions, investment companies, executors, administrators, trustees, and other
<br />fiduciaries may properly and legally invest funds, including capital, in their
<br />control or belonging to them. Such bonds are hereby made securities which
<br />may properly and legally be deposited with and received by any state or
<br />municipal officer or any agency or political subdivision of the state for any
<br />purpose for which the deposit of bonds, notes, or obligations of the state
<br />is authorized by law.
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<br />37-95-119. Charges for use of service of projects. Rentals or other charges
<br />with respect to a project shall not be subject to supervision or regulation
<br />by any other authority, commission, board, bureau, or agency of the state,
<br />and such contract with respect to a project may provide for acquisition by
<br />such person or governmental agency of all or any part of such project for
<br />such consideration, payable over the period of the contract or otherwise, as
<br />the authority in its sole discretion determines to be approprja1e. bu1 subject
<br />to the provisions of any resolution authorizing the issuance of bonds or notes
<br />of the authority or any trust agreement securing the same.
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<br />37-95-120. Agreements with governmental agencies or persons. (I) Gov-
<br />ernmental agencies or persons may enter into lease. sale, or loan agreements
<br />with the authority with respect to any project, and governmental agencies
<br />or persons may also enter into purchase agreements with the authority for
<br />the purchase of the capacity use or service of any project. Such lease. saJe.
<br />loan. or purchase agreements may be for a term covering the life of a project,
<br />or for any other term, or for an indefinite period. Pursuant to any such agree-
<br />ments, such governmental agencies Or persons may obligate themselves to
<br />make payments in amounts which shall be sufficient to enable the authority
<br />to meet its expenses, the interest and principal payments (whether at maturity
<br />or upon sinking fund redemption) for its bonds, its reasonable reserves for
<br />debt service. operation and maintenance. and renewals and replacements, and
<br />the requirements of any nite covenant with respect to debt service coverage
<br />contained in any resolution, trust indenture. or other security instrument.
<br />
<br />(2) Purchase agreements between the-authority and any governmental
<br />agency or persons may contain such other terms and conditions as the author-
<br />ity and the purchasers may determine. including provisions whereby the pur-
<br />chaser is obligated to pay for the output, capacity, or use of any project
<br />irrespective of whether such output. capacity, or use is produced or delivered
<br />to the purchaser or whether any water development project contemplated by
<br />any such agreement is completed. operable, or operating, and notwithstanding
<br />suspension, interruption, interference, reduction, or curtailment of the
<br />output, use, or service of such project. Subject to local charter and state
<br />constitutional limitations, such purchase agreements may also provide that
<br />if one or more of the purchasers defaults in the payment of its obligations
<br />under any such purchase agreement, the remaining purchasers which also
<br />have such agreements shall be required to accept and pay for, and shall be
<br />entitled proportionately to use or otherwise dispose of. the output, capacity.
<br />or use of the project contracted for by the defaulting purchaser.
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<br />(3) The obligations of a governmental agency or persons under an agree-
<br />ment with the authority or arising out of the default by any other purchaser
<br />with respect to such an agreement shall not be construed to constitute debt
<br />of the governmental agency or persons. To the extent provided in agreements
<br />with the authority, such obligations shall constitute special obligations of the
<br />governmental agency or persons, payable solely from the revenues and other
<br />moneys derived by the governmental agency or persons from its utility sys-
<br />tems. and shall be treated as expenses of operating such systems.
<br />
<br />37-95-121. Effect on inconsistent acts and rules and regulations adopted
<br />thereunder. It is the intent of the general assembly that, in the event of any
<br />conflict or inconsistency in the provisions of this article and any other stat-
<br />utes pertaining to matters established or provided for in this article or in any
<br />rules and regulations adopted under this article or under said other statutes,
<br />to the extent of such conflict or inconsistency, the provisions of this article
<br />and the rules and regulations adopted under this article shall be enforced,
<br />and the provisions of such other statutes and rules and regulations adopted
<br />thereunder shall be of no force and effect; except that nothing in this article
<br />shaN be construed to amend or affect any existing water law.
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<br />37-95-122. Severability. If any provision of this article or the application
<br />thereof to any person or circumstances is held invalid, such invalidity shall
<br />not affect other provisions or applica,tions of the article which can be given
<br />effect without the invalid provision or application, and to this end the provi-
<br />sions of this article are declared to be severable.
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<br />37-95-123. Construction of article. This article shall be construed liberally
<br />to effectuate the legislative intent and the purposes of this article as the com-
<br />plete and independent authority for the performance of each and every act
<br />and thing authorized in this article. and all the powers granted in this article
<br />shall be broadly interpreted to effectuate such intent and purposes and shall
<br />not be interpreted as a limitation of such powers; provided, however, it is
<br />hereby recognized that the primary purpose of this article relates to the devel-
<br />opment of water resources of the state of Colorado as set forth in section
<br />37-95-102 (I). and that the only generation of electric energy authorized here-
<br />under is generation from hydroelectric facilities supportive of a project, and
<br />this article shall not be construed as to authorize the board to generate elec-
<br />tric energy by fossil fuel or other nonhydro methods.
<br />
<br />SECTlON 2. Transfer of moneys. The Colorado water conservation board
<br />is hereby directed to transfer a total sum of not more than twenty-nine million
<br />nine hundred ninety-nine thousand dollars ($29,999,000) from the Colorado
<br />water conservation board construction fund established pursuant to section
<br />37-60-121, Colorado Revised Statutes 1973, to the authority created pursuant
<br />to this act. Moneys so transferred shall be paid by the authority into a debt
<br />service reserve fund which shall be established by the authority pursuant to
<br />section 37-95-113, Colorado Revised Statutes 1973. The Colorado water con-
<br />servation board is further directed to transfer an additional amount, not to
<br />exceed one hundred thousand dollars ($100,000), from the Colorado water
<br />conservation board construction fund to the authority created pursuant to
<br />this act for such personal services, operating, travel, and capital expenses
<br />as the authority may incur during the fiscal year beginning July I, 1981, and
<br />ending June 30. 1982.
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