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<br />ENFORCEABLE OBLIGATION AGAINST THE STATE IN FUTURE YEARS AND ARE ONLY AN OBLIGATION OF THE <br />AUTHORITY. <br />(4) (a) UPON APPROVAL BY THE GENERAL ASSEMBLY PURSUANT TO THIS SECTION, THE BOARD SHALL <br />DEVELOP, OPERATE, AND MAINTAIN THE INTEGRATED WATER INFRASTRUCTURE FACILITIES IN ACCORDANCE <br />WITH ITS POWERS CONTAINED WITHIN THIS ARTICLE, INCLUDING BUT NOT LIMITED TO SECTIONS 37-60-106, <br />37-60-115 (I)(b), 37-60-119 (I) AND (2), 37-60-120, AND AS AUTHORIZED IN THIS SUBSECTION (4). <br />(b) TO THE EXTENT REASONABLY POSSIBLE AND CONSISTENT WITH THE OWNERSHIP INTERESTS <br />IDENTIFIED IN THIS SECTION, THE BOARD SHALL DEVELOP TIlE INTEGRATED WATER INFRASTRUCTURE FACILITIES <br />IN ACCORDANCE WITH THE T1MELINE CONTAINED IN THE BOARD'S RECOMMENDATION TO THE GENERAL <br />ASSEMBLY. <br />(c) THE BOARD MAY ENTER INTO PRIVATE, SEMIPRIVATE, OR PUBLIC CONTRACTS FOR THE <br />DEVELOPMENT, OPERATION, AND MAINTENANCE OF THE INTEGRATED WATER INFRASTRUCTURE FACILITIES, BUT <br />THE BOARD SHALL RETAIN ULTIMATE RESPONSIBILITY FOR SUCH DEVELOPMENT, OPERATION, AND <br />MAINTENANCE. THE BOARD SHALL EITHER ACQUIRE AND MAINTAIN OWNERSHIP OF THE FACILITIES, INCLUDING <br />ALL ASSOCIATED INTERESTS IN LAND, RIGHTS-OF-WAY, AND WATER RIGHTS DETERMINED TO BE NECESSARY TO <br />MEET THE REQUIREMENTS OF PARAGRAPHS (a) AND (b) OF THIS SUBSECTION (4), OR ENTER INTO CONTRACTS <br />WITH THE OWNERS OF SUCH LANDS, WATER RIGHTS, OR FACILITIES FOR THE PURPOSE OF MEETING SUCH <br />REQUIREMENTS. <br />(d) THE BOARD OR ITS CONTRACTORS SHALL EXECUTE WATER SUPPLY CONTRACTS WITH WATER USERS <br />IN WATER DIVISIONS I, 2, 4, AND 5 TO ENABLE WATER FROM THE INTEGRATED WATER INFRASTRUCTURE <br />FACILITIES TO BE APPLIED TO BENEFICIAL USE. THE OWNER OF ANY FACILITY WATER RIGHTS OR PROPOSED <br />FACILITY THAT IS, IN WHOLE OR IN PART, INCLUDED BY THE BOARD IN THE FACILITIES SHALL RECEIVE FIRST <br />PRIORITY TO WATER SUPPLY CONTRACTS TO MEET THE REASONABLY ANTICIPATED NEEDS OF SUCH INDIVIDUAL <br />OR ENTITY WITHIN THE INDIVIDUAL'S OR ENTITY'S EXISTING OR PLANNED SERVICE AREA AS DETERMINED BY THE <br />BOARD IN ITS REASONABLE DISCRETION. <br />(e) ANY WATER COURT PROCEEDINGS NECESSARY TO MEET TIlE PURPOSES OF AN APPROVED PROJECT, <br />INCLUDING ANY CHANGE OR EXCHANGE OF WATER RIGHTS, SHALL BE THE RESPONSIBILITY OF THE BOARD <br />WORKING IN COOPERATION WITH ANY OWNER OF SUCH WATER RIGHTS OR INTEGRATED WATER INFRASTRUCTURE <br />FACILITIES THAT ARE TO BE INTEGRATED INTO THE PROJECT. THE WATER COURT SHALL PLACE ADJUDICATIONS <br />ARISING UNDER THIS SECTION AHEAD OF OTHER PENDING WATER CASES AND SHALL ADJUDICATE ANY SUCH CASE <br />WITHIN NINETY DAYS AFTER FILING. ApPEAL SHALL BE TO THE COLORADO SUPREME COURT, WHICH SHALL <br />ADJUDICATE ANY SUCH CASE WITHIN SIXTY DAYS AFTER FILING. THE WATER COURT SHALL ENSURE THAT NO <br />DOWNSTREAM ADJUDICATED WATER RIGHTS ARE VIOLATED. ALL NECESSARY FEDERAL, STATE, AND LOCAL <br />PERMITTING REQUIREMENTS SHALL BE THE RESPONSIBILITY OF THE PRIVATE, SEMIPRIVATE, OR PUBLIC ENTITY <br />DEVELOPING THE PROJECT. <br />(5) THE BOARD SHALL STUDY ITS CURRENT MEMBERSHIP AND MAY RECOMMEND THE REORGANIZATION <br />OF THE BOARD AND CHANGES TO ITS ORGANIZATIONAL STRUCTURE IN ORDER TO CARRY OUT THE INTEGRATED <br />WATER INFRASTRUCTURE FACILITIES CONTEMPLATED UNDER THIS SECTION. ANY SUCH RECOMMENDATIONS <br />SHALL BE COMMUNICATED IN WRITING TO THE GENERAL ASSEMBLY WITH POSSIBLE LEGISLATIVE CHANGES TO <br />IMPLEMENT SUCH RECOMMENDATIONS. <br />SECTION 20 Part 7 of article 4 of title 29, Colorado Revised Statutes, is amended BY THE ADDITION <br />OF A NEW SECTION to read: <br />29-4-710.8. Powers of the board - issuance of bonds to finance integrated water infrastructure <br />facilities. (I) (a) IF, PURSUANT TO SECTION 37-60-122.3, C.R.S., THE COLORADO WATER CONSERVATION <br />BOARD HAS NEGOTIATED AND CONSULTED WITH THE AUTHORITY IN PREPARING TIlE ECONOMIC COMPONENT FOR <br />A FEASIBILITY STUDY FOR INTEGRATED WATER INFRASTRUCTURE FACILITIES AND RECOMMENDED TO THE <br />GENERAL ASSEMBLY THAT SUCH FACILITIES BE FINANCED, IN WHOLE OR IN PART, THROUGH THE ISSUANCE OF <br />BONDED INDEBTEDNESS BY THE AUTHORITY AND THE GENERAL ASSEMBLY HAS APPROVED SUCH FACILITIES, THE <br />AUTHORITY SHALL ISSUE BONDS AND NOTES AS PROVIDED IN THIS PART 7 FOR TIlE PURPOSE OF FINANCING THE <br />FACILITIES. <br />(b) THE AGGREGATE AMOUNT OF BONDS ISSUED PURSUANT TO THIS SUBSECTION (I) SHALL NOT EXCEED <br />THE MAXIMUM AMOUNT SPECIFIED BY THE GENERAL ASSEMBLY PURSUANT TO SECTION 37-60-122.3 (3), C.R.S. <br />15 <br />