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<br />. <br /> <br />specified in subsection (1) of this section shall not exceed <br />fifty percent of the total cost of constructing a project; <br />except that the board's loan for the Continental and Santa <br />Maria Dams rehabilitation project shall be for one hundred <br />percent of the total cost of constructing that project. <br /> <br />. <br /> <br />(3) Contracts entered into by the Colorado water <br />conservation board pursuant to section 37-60-119 (2), Colorado <br />Revised Statutes, for loans to enable the construction of the <br />projects specified in subsection (1) of this section shall be <br />subject to the repayment periOdS and total repayments set <br />forth therein: except that total repayments shall be adjusted <br />to reflect any changes in tne amounts loaned by reason of <br />subsection (2) of this section. Pursuant to section 37-60-120 <br />(1), Colorado Revised Statutes, the board shall reGuire terms <br />and conditions in such contracts as will assure repayment of <br />funds made available by it. Furthermore, the board shall not <br />disperse any moneys for any loan authorized by subsection (1) <br />of this section until it is satisfied, in its sole discretion, <br />that the recipient of any such loan will be able to make <br />repayment pursuant to the terms and conditions established by <br />the board and by subsection (1) of this section. <br /> <br />SECTION 2. Additional authorizations. (1) Pursuant to <br />section 37-60-122 (1) (b), Colorado Revised Statutes, the <br />Colorado water conservation board is hereby authorized to loan <br />moneys to the Orchard City Irriga:ion District, Grand Valley <br />Water U~,-~ As~ociation, Uncom:o~qre Valiey Water Users <br />Associati~~, Or:nard Mesa IrrigE:ion District, Over~and Ditch <br />and Reservoir Company, City of cort Collins, Nortn Poudre <br />Irrigation District, and the Water Supply and Storage Company <br />to enable each entity, if it chooses to do so, to repurchase <br />from the United States bureau of reclamation, pursuant to <br />section 5301 of the federal budget reconciliation act of 1987, <br />the outstanding loans which each entity has with the bureau of <br />reclamation. <br /> <br />(2) The total sum which the board may loan to all of the <br />entities shall not exceed $7.5 million. The board shall loan <br />to each entity a minimum of fifty percent of the moneys for <br />the repurchase of its loan or loans from the bureau of <br />reclamation, or a lesser amount on a prorata basis with all <br />entities if the total sum authorized is insufficient. The <br />board may loan to an entity more than fifty percent of the <br />moneys for the repurchase of its loan or loans if the board <br />oetermines that this is ne:essary to make it financially <br />possible for an entity to rep~rchase its loan or loans. <br /> <br />. <br /> <br />(3) Loans made by the board pursuant to this section <br />shall bear interest at the rate of five percent per annum. <br />Such loans shall have repayment periOdS of not more than forty <br />years, with such repayment periodS to be as short as possible <br /> <br />PAGE 3-SENATE BILL NO. 30 <br />