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<br />(I) PAYMENTS OF PRINCIPAL, INTEREST, AND OTHER COSTS ON SUCH BONDS SHALL BE MADE SOLELY <br />FROM REVENUES AND RECEIPTS DERNED FROM THE SALE OF WATER OR POWER OR THE SALE OR LEASE OF <br />RECREATIONAL FACILITIES OR OPPORTUNITIES BY THE BOARD FROM A WATER INFRASTRUCTURE PROJECT WHOS. <br />CONSTRUCTION, DEVELOPMENT, OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY THE BONDS, BON .' <br />PROCEEDS, AND INTEREST OR INCOME EARNED ON THE DEPOSIT AND INVESTMENT OF SUCH REVENUES AND <br />RECEIPTS AND BOND PROCEEDS; AND <br />(II) THE OWNERS OR HOLDERS OF BONDS MAY NOT LOOK TO ANY OTHER REVENUBS 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 />INFRASTRUCTlJRB 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 INVESTMENT 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 CONSTITlJTION 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 INFRASTRUCTlJRB PROJECT" OR "APPROVED PROJECT" MEANS A WATER <br />INFRASTRUCTlJRB 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 WTTH THIS PART 2. ' <br />(3) "WATER INFRASTRUCTlJRB PROJECT" OR "PROJECT" MEANS A PROJECT THAT INVOLVES THE <br />CONSTRUCTIdN, 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 WTLL ENHANCE THE ABILITY 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 questiou regarding issuauce of water infrastructure revenue bond <br />- approval of water infrastructure projects. (1) (a) THE SECRETARY OF STATE SHALL SUBMIT A BALLOT <br />QUBSTION 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 WTTH A REPAYMENT COST OF $ FOR THE PURPOSE OF <br />ADDRESSING THE WATER INFRASTRUCTlJRB NEEDS OF THE STATE THROUGH THE ISSUANCE OF REVENUE BONDS, <br />WTTH NO INCREASE IN ANY TAXES AND WTTH ANY BONDS ISSUED TO BE REPAID SOLELY WTTH 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 INFRASTRUCTlJRE 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 CONSTITlJTE A VOTER-APPROVED REVENUE CHANGE?" <br />(b) THE VOTES CAST FOR THE ADOPTION OR REJECTION OF THE QUESTION SUBMITTED PURSUANT TO <br />PARAGRAPH (a) OF THIS SUBSECTION (1) SHALL BE CANVASSED AND THE RESULT DETERMINED IN THE MANNER <br />PROVIDED BY LAW FOR THE CANVASSING OF VOTES FOR REPRESENTATIVES IN CONGRESS. <br />(2) IF THE REGISTERED ELECTORS OF THE STATE VOTING ON THE QUESTION AFPROVE 'THE BALLOT <br />QUESTION SUBMITTED PURSUANT TO SUBSECTION (1) OF THIS SECTION, THE BOARD SHALL IDENTIFY <br />OPPORTUNTTIES FOR STORAGE STATEWTDE AND MAY RECOMMEND TO THE GENERAL ASSEMBLY WATER <br />INFRASTRUCTlJRB PROJECTS TO BE FUNDED, IN WHOLE OR IN PART, THROUGH THE ISSUANCE OF NO MORE THAN <br />TEN BILLION DOLLARS OF BONDS IN THE AGGREGATE. THE RECOMMENDATION SHALL INCLUDE, AT A MINIMUM: <br />(a) A DESCRIPTION OF THE RECOMMENDED PROJECTS; , <br />(b) A FEASIBILITY REPORT THAT EVALUATES THE ECONOMIC AND ENGINEERING FEASIBILITY OF THE <br />PROJECTS; . <br />(c) RECOMMENDED COMPLETION SCHEDULES FOR THE PROJECTS; AND <br /> <br />44 <br />