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<br />14 <br /> <br />Water Conservation Board Construction Fund Performance Audit-February 1993 <br /> <br />The General Assembly has periodically transferred General Fund monies to the <br />Construction Fund to finance the loan program. The Board receives applications <br />for loans and recommends projects to the Legislature. The Board provides <br />'financing for projects out of the Construction Fund after approval by the General <br />Assembly. The borrower makes repayments to the Construction Fund after the <br />project is completed. These repayments become funds available for other project <br />loans. The Construction Fund is a continuous fund. As a result, any year-end <br />balance in the Fund does not have to be returned to the State's General Fund. <br /> <br />The Construction Fund has enabled <br />the Board to finance the development <br />of water resources within the State. <br />The Board has provided over $83 <br />million in financing for 124 water projects since it was established in 1971. <br /> <br />The Fund has provided over $83 <br />million for 124 projects since 1971. <br /> <br />Two Broadly Defined Priorities Were Established <br />for the Construction Fund <br /> <br />Currently, the Board's statute sets two broad priorities for the use of construction <br />funds: <br /> <br />. <br /> <br />First priority goes to projects <br />which will increase the <br />beneficial consumptive use <br />of Colorado's undeveloped <br />compact entitled waters. <br />This is water that falls under one of the interstate river compact <br />agreements. These agreements allocate water between Colorado and <br />other downstream states. Undeveloped compact entitled waters are those <br />waters legally available to Colorado but not currently used withi~the <br />State. Beneficial consumptive use means that the water has been used <br />for some purpose with reasonable efficiency. <br /> <br />Board priorities include increasing <br />the beneficial consumptive use of <br />undeveloped compact waters. <br /> <br />. <br /> <br />The balance of the monies available in the fund are for the repair and <br />rehabilitation of existing dams and water delivery systems and for <br />investment in water management projects. <br /> <br />The Board was recently granted authority to use Construction Fund monies for <br />two programs in addition to the loan program. The programs include using funds <br />for: <br />