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<br />~ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />POLICY NUMBER: I <br /> <br />SUBJECT: <br /> <br />CONSTRUCTION FUND AND SEVERANCE TAX PERPETUAL <br />BASE ACCOUNT PROJECT TIME LIMITS <br /> <br />EFFECTIVE DATE: October 1,1999 <br /> <br />POLICY: The Colorado Water Conservation Board (CWCB) shall review the status <br />of all projects within two years of receiving legislative authorization, if the <br />project sponsor has not executed a funding contract, These projects wi!! <br />be automatically added to the list of Projects To Be De-Authorized in the <br />next Construction Fund Bill unless the Board specifically approves a time <br />extension, <br /> <br />PURPOSE: To utilize construction funds in a timely manner, to assure availability of <br />construction project funds for other uses, and to discourage Project <br />Sponsors from attempting to "guarantee" loan funds for future long-range <br />projects, <br /> <br />APPLICABILITY: This policy applies to ALL loan and grant projects authorized through the <br />CWCB Construction Fund and the Severance Tax Perpetual Base <br />Account. <br /> <br />PROCEDURE: <br /> <br />The CWCB staff will compile and maintain a project <br />authorization/contract list. Those projects not under contract within two <br />years of their authorized date shall be presented to the Board for review at <br />the annual fall Board meeting, Project Sponsors will be notified of the <br />CWCB staff recommendations, and the Board's possible actions, at least <br />one month prior to the fall Board meeting, Project Sponsors will be giv~n <br />an opportunity to appeal the staff recommendations at that meeting, <br /> <br />1. <br /> <br />If the Project Sponsors have not shown diligence toward project <br />commencement, the staff will recommend to the Board that the <br />project be de-authorized. <br />If the Project Sponsors have progressed with the project, but the <br />project has been delayed due to unforeseen circumstances, the staff <br />may recommend that the Board extend the project time limit for <br />one year, The staff will continue to review the project on an <br />annual basis until project commencement or the Board has <br />recommended de-authorization, <br /> <br />2, <br /> <br />Revise 7/16/99 <br />