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<br />. Revenues and receipts derived from the sale of water or power or the sale or lease o. <br />recreational facilities or opportunities from a water infrastructure project whose <br />construction, development, or.improvement was financed in whole or in part by bonds; <br />. Bond proceeds; and <br />. Earnings from the investment'ofbond proceeds. <br />Further specifies that holders of bonds may not look to any other revenues of the state for payment of <br />the bonds. <br />Authorizes the board to refund, bonds, to engage services required or advantageous in <br />connection with bonds, and to enter into inter~st rate exchange agreements for bonds. Requires bonds to <br />include specified terms. Requires the board to delegate certain authority needed for the efficient <br />issuance of. bonds to the state treasurer and requires the state treasurer to exercise such authority in <br />consultation with the board. , <br />Creates the water infrastructure development fund in the state treasury. Requires unpledged <br />bond proceeds and revenues and receipts derived from the sale of water or power or the sale or lease of <br />recreational facilities or opportunities, from a Water infrastructure project whose construction, <br />development, or improvement was financed in whole or in part by bonds to be credited to the fund. <br />Requires interest and income earned'on the deposit and investment of fund moneys to be credited to the <br />fund and continuously appropriates all mon~ys in the fund to the board to finance approved water <br />infrastructure projects, to pay any unpledged costs of issuing and administering bonds, and to pay other <br />expenses related to bonds or the financing of ~pproved water infrastructure projects. Specifies that bond <br />proceeds, earnings on bond proceeds, and revenues and receipts derived from the sale of water or power <br />or the sale or lease of recreational facilities' or opportunities by the board from water infrastructure <br />projects financed by the bonds and earnings on such revenues and receipts are not to be included in state <br />fiscal year spending. <br />Grants specified powers to political subdivisions of the state for the purpose of aiding and cooperating iA <br />the financing, construction, operation, and maintenance of approved water infrastructure projects. Specifies tha~ <br />bonds are legal investments and that bonds are tax ex~mpt unless the board waives the exemption. Specifies a <br />30-day statute of limitations for legal actions questioning the validity of or seeking to enj oin any action taken <br />pursuant to the provisions of the bill. Requires the! board to make annual reports to the general assembly <br />regarding bonds and specifies information to be included in such reports. <br />Specifies that the powers conferred by the bill are in addition and supplemental to, and not in substitution <br />for, and the limitations imposed by the bill do not directly or indirectly modify, limit, or affect, the powers <br />conferred to the board, the state treasurer, the department of natural resources, or the Colorado water resources <br />and power development authority by any other law. <br />Makes legislative findings and declarations. D~fines terms. Makes a conforming amendment. Provides <br />for the repeal of the provisions of the bill if the ballo~ question to be submitted at the 2002 general election is <br />rej ected by the voters. <br /> <br />Be it enacted by the General Assembly of the State of Colorado: <br />SECTION 10 Article 60 of title 37, Colorado Revised Statutes, is amended BY THE ADDITION OF A <br />NEW PART to read: <br /> <br />PART 2 <br />WATER INFRASTRUCTURE REVEN:!JE BONDS <br />37-60-201. Legislative declaration. (I) THE GENERAL ASSEMBLY HEREBY FINDS AND DECLARES THAT <br />COLORADO IS CURRENTLY EXPERIENCING ITS THIRD !CONSECUTIVE YEAR OF DROUGHT CONDITIONS AND IS <br />LIKELY TO CONTINUE TO EXPERIENCE CYCLES OF DROUGHT IN THE FUTURE THAT WILL REDUCE THE AMOUNT OP <br />WATER RESOURCES AVAILABLE TO MEET THE NEEDS OF THE STATE'S GROWING POPULATION AND COULD CREATE <br />WATER SHORTAGES. . <br />(2) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT: - <br />(a) COLORADO'S EXISTING WATER INFRASTRU9TURE IS INSUFFICIENT TO ENABLE THE STATE TO FULLY <br />EXERCISE ALL OF ITS COMPACT ENTITLEMENTS TO W A T~R, INCLUDING EUT NOT LIMITED TO PEAl< FLOWS, AND IT <br />