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<br />- 3- <br /> <br />Statutory Limitations <br /> <br />In considering recommendations for projects to the General Assembly, the Board should be <br />aware ofthe following criteria and limitations set by statute: <br /> <br />1. Section 39-29-109 (1) (a) (I), CRS provides that "...pursuant to sections 37-60-119 and 37-60- <br />122, C.R.S. The authorization and contract for each such project shall require repayment of <br />principal and interest to the severance tax trust fund and moneys so repaid shall be credited to <br />the perpetual base account of the severance tax trust fund. " <br /> <br />2. Section 37-60-121 (1) (b) (V), CRS provides that "all other means of financing shall be <br />thoroughly explored before use is made offund moneys." <br /> <br />The leadership ofthe General Assembly has indicated several times in recent years that the CWCB <br />loan fund (therefore the Severance Tax Trust Fund Perpetual Base Account) should not be used to <br />finance annual operation and maintenance projects. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />