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<br />.
<br />
<br />section 37-60-122 (1) (b), Colorado Revised Statutes, 1913,
<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 />Priority Project Name
<br />
<br />1 Rio Grande Reservoir
<br />2 Beeman Irrigation
<br />Company
<br />3 Eity-of-Eraig
<br />4 Fossil Creek
<br />Reservoir
<br />5 Town of Erie
<br />
<br />Board Cost
<br />
<br />$1,134,500
<br />
<br />110,000
<br />3,158,888
<br />
<br />2,057,000
<br />l,645,000
<br />
<br />$8,896,588
<br />$4,946,500
<br />
<br />Total
<br />
<br />SECTION 3. 37-60-120,
<br />amended, is amended to read:
<br />
<br />Payment
<br />Peri od,
<br />(Years)
<br />
<br />Colorado Revised
<br />
<br />40
<br />
<br />40
<br />48
<br />
<br />40
<br />30
<br />
<br />Total
<br />Payment
<br />
<br />$ 1,200,568
<br />
<br />256,432
<br />1,343,~88
<br />
<br />4,795,278
<br />3,2l0,218
<br />
<br />$16,885,116
<br />$9,462,496
<br />
<br />Statutes, as
<br />
<br />37-60-120. Control of projects - contractual powers of
<br />board. (1) The state of Colorado shall have the ownership
<br />and 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 />.
<br />
<br />(2) THE SPONSOR OF A PROJECT MAY NOT INITIATE OR INCUR
<br />COSTS FOR FINAL OESIGNS ANO 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 />COMPLIED 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 ENlITY REQUESTING SUCH EXTENSION AND
<br />DEFERMENT DEMONSTRATES THAT IT HAS ENCOUNTERED SIGNIFICANT AND
<br />UNEXPECTED FINANCIAL DIFFICULTIES AND THAT IT HAS BEEN DULY
<br />
<br />.
<br />
<br />PAGE 3-HOUSE BILL NO. l042
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