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<br />(T.>i
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<br />section 37-60-122 (1) (b), Colorado Revised Statutes, i913~
<br />the Colorado water conservation board is hereby authorized to
<br />construct, or cause to be constructed, the following water
<br />resources project~:
<br />
<br /> Payment . :,';:,
<br /> Period, Total
<br />Pri ority Project Name Board Cost (Years) Payment
<br />1 Rio Grande Reservoir $1,134,500 40 $ ,.200.S68~
<br />2 Beeman Irrigation C61
<br /> Company 1l0,000 40 256,432 Sl!?,
<br />3 €Hy-of-€raig . 3~i58~888 48 1,343~~88
<br />4 Fossi 1 Creek
<br /> Reservoir 2,057,000 40 4,795,278
<br />5 Town of Erie 1,645,000 30 3,210,218
<br /> Total $8~896~588 $i6,885~n6
<br /> $4,946,500 $9,462,496
<br />
<br />SECTION 3. 37-60-120, Colorado Revised Statutes, as
<br />amenoed, is amended to read:
<br />
<br />- -'.
<br />
<br />37-60-120. Control of projects - contractual powers of
<br />boaro. (1) The state of Colorado shall have the ownership
<br />ana-control of such portions of said projects, or shall take a
<br />sufficient security interest in property or take such bonds,
<br />notes,. or other securities evidencing an obligation, as will
<br />assure repayment of funds made available by section 37-60-119.
<br />The board is empowered to enter into contracts which are, in
<br />its opinion, necessary for the maintenance and continued
<br />operation of such projects.
<br />
<br />I,
<br />
<br />(2) THE SPONSOR OF A PROJECT MAY NOT INITIATE OR INCUR
<br />COSTS FOR FINAL DESIGNS AND SPECIFICATIONS FOR A PROJECT, NOR
<br />AWARD A CONTRACT FOR, PROCEED WITH, OR IN ANY MANNER INCUR
<br />COSTS FOR CONSTRUCTION OF A PROJECT, UNTIL SUCH SPONSOR HAS
<br />COMPLIEQ WITH ALL PROCEDURES AND REQUIREMENTS OF THE BOARD.
<br />IF A SPONSOR FAILS TO COMPLY WITH THE BOARD'S PROCEDURES AND
<br />REQUIREMENTS, THE BOARD .MAY, AT ITS DISCRETION, WITHHOLD OR
<br />TERMINATE ALL OR A PORTION OF THE BOARD'S FINANCIAL
<br />CONTRIBUTION TO OR LOAN FOR A PROJECT, NOTWITHSTANDING THE
<br />AUTHORIZATION OF THE SAME BY THE GENERAL ASSEMBLY, OR THE
<br />BOARD MAY REQUIRE SUCH ASSURANCES FROM THE PROJECT SPONSOR AS
<br />THE BOARD DEEMS NECESSARY IN ORDER TO ADEQUATELY PROTECT THE
<br />BOARD'S INVESTMENT IN A PROJECT.
<br />
<br />(3) THE BOARD MAY EXTEND THE AUTHORIZED REPAYMENT PERIOD
<br />FOR ANY PROJECT AND DEFER ONE OR MORE ANNUAL PAYMENTS IF, IN
<br />THE BOARD'S OPINION, THE ENTITY REQUESTING SUCH EXTENSION AND
<br />DEFERMENT DEMONSTRATES THAT IT HAS ENCOUNTERED SIGNIFICANT AND
<br />UNEXPECTED FINANCIAL DIFFICULTIES AND THAT IT HAS BEEN DULY
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<br />PAGE 3-HOUSE BILL NO. 1042
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