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<br />." <br /> <br />appreciation in the value of lands in the vicinity of the <br />project. <br /> <br />(e) The sponsor of a project specified in paragraph (a) <br />of this subsection (I) 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 for or initiate final <br />designs and specifications for, or the construction of, a <br />project, until such sponsor has entered into a contract with <br />the Colorado water conservation board for the construction of <br />the project and has otherwise complied with all procedures and <br />conditions required by the board. If a sponsor fails to <br />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 Colorado 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 />SECTION 2. Section 4 (1) of chapter 344, Session Laws of <br />Colorado 1979, is amended to read: <br /> <br />Section 4. Project authorizations. (I) Pursuant to <br />section 37-60-122, Colorado Revised Statutes 1973, there are <br />hereby authorized to be constructed from such funds as may <br />become available to the Colorado water conservation board <br />construction fund, in the priority listed as nearly as <br />practicable and with the sums of money listed, plus or minus <br />such amounts, if any, as may be justified by unforeseen <br />circumstances or by reason of ordinary fluctuations in land <br />values and construction costs as indicated by cost indices <br /> <br />PAGE 3-HOUSE BILL NO. 1102 <br />