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<br />e <br /> <br />e <br /> <br /> <br />e <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone, 0031 866.3441 <br />fAX: (3031866.4474 <br />www.cwcb.state.co.us <br /> <br />STATE OF COLORADO <br /> <br />Q <br /> <br /> <br />BiliOwens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Gregf,W2lchel <br />Executive Dirf'clor <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Mike Serlet, P.E., fl/J <br />Chief, Water Supply Planning and Finance Section <br /> <br />Rod Kuharich <br />CWeB Director <br />Dan McAuliffe <br />DeptltyDir€clOl <br /> <br />FROM: <br /> <br />DATE: <br /> <br />November 9, 2001 <br /> <br />SUBJECT: <br /> <br />Agenda Item 27d - November 19-20, 2001 Board Meeting <br />Water Supply Planning and Finance - Special Purpose Funds <br />Small Project Loans - Statute Revisions <br /> <br />Introdnction <br /> <br />This memorandum outlines suggested revisions to the legislation that established the <br />Small Project Loan Fund (SPLF) in the Construction Fund, c.R.S. 37-60-122.7. The Board <br />recommended establishment of the SPLF in SB 99-173. To date, the Board has loaned almost <br />$2,000,000 from the SPLF for projects falling under the category of "small project". Staff is <br />proposing three changes to the legislation in order to achieve several program goals: (I) Change <br />the definition ofa small project from $100,000 to $1,000,000, (2) Eliminate the requirement that <br />the borrower must experience an undue hardship in order to qualify for a small project loan, and <br />(3) Establish the maximum dollar amount of small project loans that can be made in any fiscal <br />year as the amount of unreserved cash in the Construction Fund and the Severance Tax Trust <br />Fund Perpetual, <br /> <br />ProposaJ/Discussion <br /> <br />In making the proposed changes to the Statutes staff is attempting to achieve the following <br />program goals: <br /> <br />I, Provide the water users with a more convenient and user friendly Construction Fund <br />and Severance Tax loan program by making loan authorizations available throughout <br />the year, <br /> <br />2. Make the administration of the program more responsive and consistent with other <br />lenders who authorize loans throughout the year. <br /> <br />3, Establish a loan limit for a small project that allows a majority of borrowers to take <br />advantage oftimely authorizations. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br /> <br />'-- <br />