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<br />pay and the significance of the project to the
<br />development and protection of the water supplies of the
<br />state. Interest charges shall be credited to and made a
<br />part of the Colorado water conservation board
<br />construction fund. Any other charges, as determined
<br />appropriate by the board, shall be continuously
<br />appropriated to the Colorado water conservation board
<br />for supplemental operational expenditures.
<br />(3) (Deleted by amendment, 1. 2002, p. 456, S 29,
<br />effective May 23,2002.)
<br />
<br />37-60-120. Control ofprojects - contractual powers of
<br />board. (1) The state of Colorado shall have the
<br />ownership and control of such portions of said proj ects,
<br />or shall take a sufficient security interest in property or
<br />take such bonds, notes, or other securities evidencing an
<br />obligation, as will assure repayment of funds made
<br />available by section 37-60-119. Any security interest in
<br />property taken under this subsection (1) may be
<br />perfected and enforced in the same manner as security
<br />interests under article 9 oftitle 4, C.R.S. The board is
<br />empowered to enter into contracts that are, in its
<br />opinion, necessary for the maintenance and continued
<br />operation of such projects.
<br />(2) If a sponsor fails to comply with the
<br />board's procedures and requirements, the board may, at
<br />its discretion, withhold or terminate all or a portion of
<br />the board's financial contribution to or loan for a project,
<br />notwithstanding the authorization of the same by the
<br />general assembly, 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 />(3) The board may adjust the authorized
<br />interest rate, extend the authorized repayment period for
<br />any project, or defer one or more annual payments if, in
<br />the board's opinion, the entity requesting such
<br />adjustment, extension, and deferment demonstrates that
<br />it has encountered significant and unexpected financial
<br />difficulties and that it has been duly diligent in its
<br />efforts to comply with the repayment provisions of its
<br />contract with the board.
<br />
<br />37-60-121. Colorado water conservation board
<br />construction fund - creation of - nature of fund - funds
<br />for investigations - contributions - use for augmenting
<br />the general fund - funds created. (1) (a) There is hereby
<br />created a fund to be known as the Colorado water
<br />conservation board construction fund, which shall
<br />consist of all moneys which may be appropriated thereto
<br />by the general assembly or which may be otherwise
<br />made available to it by the general assembly and such
<br />charges that may become a part thereof under the terms
<br />of section 37-60-119. All interest earned from the
<br />investment of moneys in the fund shall be credited to
<br />the fund and become a part thereof. Such fund shall be a
<br />continuing fund to be expended in the manner specified
<br />in section 37-60-122 and shall not revert to the general
<br />fund of the state at the end of any fiscal year.
<br />
<br />(b) In the consideration of makirlg expenditures from
<br />the fund, the board shall be guided by the following
<br />criteria:
<br />(I) The first priority of the moneys available to the fund
<br />shall be devoted to projects which will increase the
<br />beneficial consumptive use of Colorado's undeveloped
<br />compact entitled waters;
<br />(II) The balance of the moneys available to the fund
<br />shall be devoted to projects for the repair and
<br />rehabilitation of existing water storage and delivery
<br />systems, controlled maintenance of the satellite
<br />monitoring system authorized pursuant to section 37-80-
<br />102 (10), and for investment in water management
<br />activities and studies;
<br />(III) The board's participation in the construction cost of
<br />a project shall be repaid and the board's costs or its
<br />participation in any feasibility studies shall be repaid to
<br />the board when construction on a project commences;
<br />(IV) The board shall participate in only those projects
<br />that can repay the board's investment. Service charges
<br />and other terms ofrepayment shall be established by the
<br />board. Grants shall not be made, unless specifically
<br />authorized by the general assembly acting by bill.
<br />(V) (Deleted by amendment, 1. 2002, p. 457, S 31,
<br />effective May 23,2002.)
<br />(VI) After July 1, 1981, domestic water treatment and
<br />distribution systems shall not be recommended by the
<br />board to the general assembly;
<br />(VII) The board may recommend to loan funds on
<br />floodplain projects;
<br />(VIII) For all feasibility studies, the board shall ensure
<br />that the scope of the study is confined as nearly as
<br />possible to a single integrated project; and
<br />(IX) Any feasibility study of a proposed project shall
<br />include, to the extent deemed necessary by the board, an
<br />evaluation of:
<br />(A) The water rights available to a proposed project and
<br />the yield thereof;
<br />(B) The engineering and economic feasibility ofa
<br />proposed project; and
<br />(C) The anticipated economic, social, and
<br />environmental effects of a proposed project.
<br />(c) and (d) Repealed.
<br />(2) The board, in addition to the amount allocated to a
<br />project to cover the actual cost of construction, may
<br />allocate to the project constructed by it, under contract
<br />or otherwise, such amounts as may be determined by it
<br />for investigating, engineering, inspection, and other
<br />expenses and may provide for the repayment of the
<br />same out of the fIrst moneys repayable from the project
<br />under the contract for its construction, and such moneys
<br />so repaid shall be accounted for within the purpose of
<br />making investigations for the development of the water
<br />resources of the state.
<br />(2.5) (a) The board is authorized to expend, pursuant to
<br />continuous appropriation and subject to the
<br />requirements of paragraph (b) of this subsection (2.5), a
<br />total sum not to exceed the balance of the litigation
<br />fund, which is hereby created, for the purpose of
<br />engaging in litigation:
<br />
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