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<br />.,:. <br /> <br />power, and any related recreational facilities by and with any <br />agency or political subdivision of this state or 'the' federal <br />government, with individuals, with corporations,: or with <br />organizations. composed of citizens .' of this state. Any such <br />contracts may provide for'such charges totheusiJig entity as, in <br />the opinion of the board, are necessary and reasonable to recover <br />the board's capital investment,together with ,'Operational. <br />maintenance, and service charges over the term of years agreed <br />upon by contract. SERVICE CHARGES SHALL BE ASSESSED AT NO LESS <br />THAN FIVE PERCENT. Any such charges so collected shall be <br />credited to and made a part of the Colorado water conservation <br />board construction fund. All or any portion of . the, costs <br />attributable to flood control and recreation may be considered <br />nonreimbursable in the discretion of the board, but only to' the <br />extent. approved by the general assembly' as specified in section <br />37-60-122. <br /> <br />SECTION 3. 37-60-121 (1) and (4), Colorado Revised Statutes <br />1973, as amended, are amended to read: . . <br /> <br />37-60-121. Colorado water conservation board construction <br />fund - creation of- nature of fund- funds for lnvestl atlons - <br />con rl u lons; " 'a.. erelsere y crea e, a: un .' 0 e <br />known as the Colorado. water conservation board construction fund, <br />. whiCh shall consist of all moneyswhichmay be appropriated <br />.. thereto, by the general' assembly or.whichmaybeotherwise made <br />. available to it by the general assembly ,and such charges that may <br />become a part thereof'under the terms of section 37-60-119. ALL <br />INTEREST EARNED FROM THE INVESTMENT OF MONEYS IN THE....FUND SHALL <br />BE CREDITED TO THE FUND AND BECOME A PART THEREOF. Such fund <br />shall be a continuing fund to be expEmded in tlie"mamier specified <br />in section 37-60-122 and' shall not'revert to thi!' general fund of <br />the state at:"the end' of any fisca) year~': "', <br /> <br />. :, <br /> <br />(b) IN THE CONSIDERATION OFMAKING,EXPENDITURES FROM THE <br />FUND,. THE BOARD SHALL BE GUIDED BY THE FOLLOWING CRITERIA: <br />(I) APPROXIMATELY TWO-THIRDS OF THE MONEYS AVAILABLE TO THE <br />FUND. SHALL' BE DEVOTED" TO PROJECTS WHICH WILL'., INCREASE THE <br />BENEFICIAL CONSUMPTIVE USE OF. COLORADO'S COMPACT ENTITLED WATERS; <br />(II) .. THE BALANCE OF THE MONEYS AVAI LABLtTO THE FUND SHALL <br />BE DEVOTED TO PROJECTS 'FOR THE REPAIR 'AND REHABILITATION OF <br />EXISTING WATER STORAGE AND DELIVERY SYSTEMS; . <br />(III) THE BOARD' S PARTICIPATION IN THE CONSTRUCTION COST OF <br />A PROJECT SHALL GENERALLY BE LIMITED .TO'FIFTYPERCENT OF A <br />PROJECT'S TOTAL COST. THE BOARD'S COSTS OR ITS PARTICIPATION IN <br />'. ANY FEASIBILITY' STUDIES SHALL BE REPAID TO. THE BOARD WHEN <br />CONSTRUCTION ON A PROJECT COMMENCES ;, . <br />(IV) THE BOARD SHALL PARTICIPATE IN ONLY THOSE PROJECTS <br />WHICH' CAN REPAY THE BOARD I S INVESTMENT. GRANTS SHALL NOT BE <br /> <br />.....;::,::-; . <br /> <br />PAGE 2-SENATE BILL NO. 439' <br /> <br />-~, <br /> <br />. <br />;,- <br /> <br />:r.;.':": <br /><.;., <br />