Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />(2) The sponsor of a project may not initiate or incur costs <br />for final designs and specifications for a project, nor award a <br />contract for, proceed with, or in any manner incur costs for <br />construction of a project, until such sponsor has complied with <br />all procedures and requirements of the board. If a sponsor fails <br />to comply with the board's procedures and requirements, the board <br />may, at 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 general <br />assembly, or the board may require such assurances from the <br />project sponsor as the board deems necessary in order to <br />adequately protect the board's investment in a project. <br /> <br />(3) ~he board may extend the authorized repayment period for <br />any project and defer one or more annual payments if, in the <br />board's opinion, the entity requesting such extension and <br />deferment demonstrates that it has encountered significant and <br />unexpected financial difficulties and that it has been duly <br />diligent in its efforts to comply with the repayment provisions <br />of its contract with the board. <br /> <br />37-60-121. Colorado water conservation board construction <br />fund - creation of - nature of fund - funds for investigations <br />contributions. (l)(a) There is hereby created a fund to be <br />known as the Colorado water conservation board construction fund, <br />which shall consist of all moneys which may be appropriated <br />thereto by the general assembly or which may be otherwise made <br />available to it by the general assembly and such charges that may <br />become a part thereof under the terms of section 37-60-119. All <br />interest earned from the investment of moneys in the fund shall <br />be credited to the fund and become a part thereof. Such fund <br />shall be a continuing fund to be expended in the manner specified <br />in section 37-60-122 and shall not revert to the general fund of <br />the state at the end of any fiscal year. <br /> <br />(b) In the consideration of making expenditures from the <br />fund, the board shall be guided by the following criteria: <br /> <br />(I) Approximately two-thirds of the moneys available to the <br />fund shall be devoted to projects which will increase the benefi- <br />cial consumptive use of Colorado's compact entitled waters; <br /> <br />(II) The balance of the moneys available to the fund shall be <br />devoted to projects for the repair and rehabilitation of existing <br />water storage and delivery systems; <br /> <br />(III) The board's participation in the construction cost of a <br />project shall generally be limited to fifty percent of a <br />project's total cost and the board's costs or its participation <br />in any feasibility studies shall be repaid to the board when con- <br />struction on a project commences; <br /> <br />-2- <br />