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<br />. <br /> <br />. <br /> <br />. <br /> <br />IS IN THE BEST INTEREST OF THE PEOPLE OF THE STATE FOR THE STATE TO FURTHER DEVELOP AND IMPROVE THE <br />STATE'S WATER INFRASTRUCTURE SO THAT THE STATE CAN RESERVE AS MUCH OF THE WATER TO WHICH IT IS <br />ENTITLED UNDER COMPACTS AS POSSIBLE AND INCREASE ITS AVAILABLE WATER RESOURCES. <br />(b) IT IS NECESSARY AND APPROPRIATE TO EXPEDITE THE DEVELOPMENT AND IMPROVEMENT OF <br />COLORADO'S WATER INFRASTRUCTURE BY AUTHORIZING THE BOARD TO ISSUE VOTER-APPROVED WATER <br />INFRASTRUCTURE REVENUE BONDS FOR THE PURPOSE OF FUNDING WATER INFRASTRUCTURE PROJECTS <br />APPROVED BY THE GENERAL ASSEMBLY. <br />(3) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT: <br />(a) WATER INFRASTRUCTURE REVENUE BONDS ISSUED PURSUANT TO THIS PART 2 DO NOT CONSTITUTE <br />"A DEBT BY LOAN IN ANY FORM" UNDER SECTION 3 OF ARTICLE XI OF THE STATE CONSTITUTION BECAUSE: <br />(I) PAYMENTS OF PRINCIPAL, INTEREST, AND OTHER COSTS ON SUCH BONDS SHALL BE MADE SOLELY <br />FROM REVENUES AND RECEIPTS DERIVED FROM THE SALE OF WATER OR POWER OR THE SALE OR LEASE OF <br />RECREATIONAL FACILITIES OR OPPORTUNITIES BY THE BOARD FROM A WATER INFRAS1RUCTURE PROJECT WHOSE <br />CONSTRUCTION, DEVELOPMENT, OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY THE BONDS, BOND <br />PROCEEDS, AND INTEREST OR INCOME EARNED ON THE DEPOSIT AND INVES1MENT OF SUCH REVENUES AND <br />RECEIPTS AND BOND PROCEEDS; AND <br />(IT) THE OWNERS OR HOLDERS OF BONDS MAY NOT LOOK TO ANY OTHER REVENUES OF THE STATE FOR <br />THE PAYMENT OF THE BONDS. <br />(b) THE PROCEEDS OF BONDS, 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 A WATER <br />INFRASTRUCTURE PROJECT WHOSE CONSTRUCTION, DEVELOPMENT, OR IMPROVEMENT WAS FINANCED IN WHOLE <br />OR IN PART BY THE BONDS, AND INTEREST AND INCOME EARNED ON THE DEPOSIT AND INVES1MENT OF SUCH <br />PROCEEDS AND REVENUES AND RECEIPTS ARE NOT INCLUDED IN STATE FISCAL YEAR SPENDING FOR PURPOSES OF <br />SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION AND ARTICLE 77 OF TITLE 24, C.R.S. <br />37-60-202. Definitions. As USED IN THIS PART 2, UNLESS THE CONTEXT OTHERWISE REQUIRES: <br />(1) "APPROVED WATER INFRAS1RUCTURE PROJECT" OR "APPROVED PROJECT" MEANS A WATER <br />INFRASTRUCTURE PROJECT THAT HAS BEEN RECOMMENDED BY THE BOARD AND APPROVED BY THE GENERAL <br />ASSEMBLY BY BILL PURSUANT TO SECTION 37-60-203. <br />(2) "REVENUE BONDS" OR "BONDS" MEANS WATER INFRASTRUCTURE REVENUE BONDS AUTHORIZED BY <br />AND ISSUED IN ACCORDANCE WITH THIS PART 2. <br />(3) "WATER INFRASTRUCTURE PROJECT". OR "PROJECT" MEANS A PROJECT THAT INVOLVES .THE <br />CONSTRUCTION, DEVELOPMENT, OR IMPROVEMENT, INCLUDING REHABILITATION OR ENLARGEMENT, OF A DAM, <br />RESERVOIR, FLOOD CONTROL, OR OTHER WATER FACILITY, EXCLUDING A DOMESTIC WATER TREATMENT OR <br />WASTEWATER TREATMENT AND DISTRIBUTION SYSTEM, TOGETHER WITH RELATED HYDRO-ELECTRICAL OR <br />RECREATIONAL FACILITIES THAT WILL ENHANCE THE ABILITI OF THE STATE TO FULLY EXERCISE ALL OF ITS <br />COMPACT ENTITLEMENTS TO WATER FOR ANY BENEFICIAL USE, AS DEFINED IN SECTION 37-92-103 (4), <br />INCLUDING BUT NOT LIMITED TO PEAK FLOWS, AND REDUCE THE LIKELIHOOD OF WATER SHORTAGES. <br />37-60-203. Submission of ballot question regarding issuance of water infrastructure revenue bonds <br />_ approval of water infrastructure projects. (1) (a) THE SECRETARY OF STATE SHALL SUEMIT A BALLOT <br />QUESTION TO A VOTE OF THE REGISTERED ELECTORS OF THE STATE OF COLORADO AT THE GENERAL ELECTION TO <br />BE HELD IN NOVEMBER 2002 FOR THEIR APPROVAL OR REJECTION. EACH ELECTOR VOTING AT THE ELECTION <br />SHALL CAST A VOTE AS PROVIDED BY LAW EITHER "YES" OR "No" ON THE PROPOSITION: "SHALL STATE OF <br />COLORADO DEBT BE INCREASED $10,000,000,000 WITH A REPAYMENT COST OF $ FOR THE PURPOSE OF <br />ADDRESSING THE WATER INFRASTRUCTURE NEEDS OF THE STATE THROUGH THE ISSUANCE OF REVENUE BONDS, <br />WITH NO INCREASE IN ANY TAXES AND WITH ANY BONDS ISSUED TO BE REPAID SOLELY WITH REVENUES AND <br />RECEIPTS DERIVED FROM THE SALE OF WATER OR POWER OR THE SALE OR LEASE OF RECREATIONAL FACILITIES <br />OR OPPORTUNITIES BY THE COLORADO WATER CONSERVATION BOARD FROM WATER INFRASTRUCTURE PROJECTS <br />FINANCED BY THE BONDS, BOND PROCEEDS, AND INTEREST AND INCOME EARNED ON THE DEPOSIT AND <br />INVESTMENT OF SUCH PROCEEDS AND REVENUES AND RECEIPTS, AND SHALL SUCH REVENUES AND RECEIPTS AND <br />SUCH INTEREST AND INCOME CONSTITUTE A VOTER-APPROVED REVENUE CHANGE?" <br />