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<br /> <br />2.11 Litigation Account <br /> <br />Section 37-60-121 (2.5) (a), CRS, created the Litigation Account in the Construction Fund, <br />Under certain conditions, the Board is authorized to expend up to $4.0 million from the Litigation <br />Account for litigation in support of water users whose water supply yield may be diminished as a <br />result of conditions imposed by any federal agency on permits for existing reservoirs located on <br />federal lands, No lawsuits have yet been determined to meet the criteria, <br /> <br />The Litigation Account is not to be confused with the Reserved Rights Litigation Fund created <br />in the State Treasury by the General Assembly in 1982 through SB 82-087, Authority for that fund <br />is found in the statutes at Section 37-60-121.1, CRS. <br /> <br />Any interest earned by the Litigation Account is credited equally between the Construction Fund <br />and the Colorado Water Resources and Power Development Authority. The balance of the Litigation <br />Account was $4,000,000 on June 30, 1996, <br /> <br />2.12 Performance Audit Recommendations <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />In February 1993, the Office of the State Auditor completed its performance audit of the <br />Colorado Water Conservation Board's Construction Fund as requested by the Department of Natural <br />Resources, The audit was conducted pursuant to Section 2-3-103, CRS, which authorizes the State <br />Auditor to conduct performance audits of state agencies. Seven recommendations were made in the <br />areas of project planning, financial planning, and administration of the project approval process, A <br />general overview of action taken in response to the performance audit recommendations is <br />summarized in the following table, <br /> <br /> <br />ewCB FY96 Annual Report, page 13 <br />