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<br />;, <br /> <br />-2- <br /> <br />Discussion <br /> <br />In taking the action that they did, the Authority felt that the MOO served a useful pmpose at <br />the time of signing, however in light of current actual practices of the CWCB and the Authority, and <br />recent legislative changes, the MOO has virtually no value at this time. Staff shares the Authority's <br />belief that there is no reason to continue the MOO. <br /> <br />In reviewing the MOO, several sections have been made obsolete through statute changes or <br />through recent practices by the Authority and the CWCB. For example: <br /> <br />. Provisions of Sections 4. A through C have never been exercised since the original MOO was <br />signed in 1990. <br />. Section 4. D's provisions were deleted from statute through HB 02-1152. <br />. The statute referred to in Section 4. E has been deleted. <br />· The Authority and Board have never developed a joint financing plan for a project as referred <br />to in Section 6. Some borrower's financial plans have included both Authority and Board <br />financing components, but the borrowers have always developed those plans. <br />· Both the Authority and Board independently set their own interest rates, rather than <br />collaborating on interest rates as suggested in Section 7. <br /> <br />Staff further agrees with the statement in the December 21, 2004 letter from Ann Nichols to <br />Keith Catlin that the "Authority and CWCB staff coordinate various activities closely on a number <br />of issues; but, we believe, that coordination is not governed or mandated by the MOO and would <br />continue if the MOO were terminated." <br /> <br />. <br /> <br />Recommendation <br /> <br />Staff recommends that the Board determine that the existing Memorandum of Onder standing <br />with the Colorado Water Resources and Power Development Authority should be mutually <br />terminated and direct the CWCB Director to prepare a letter informing the Authority of such action. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br /> <br />. <br />