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<br />1 Reservoir Construction* - $ 2.180.000 <br />2 Total $20,800,000 <br />3 *These loans are. to refinance water projects wholly or partially <br />4 completed <br />5 (2) The Colorado water conservation board may make loans for <br />6 the construction of the projects specified in subsection (1) of this section <br />7 from such moneys as are or may hereafter become available to the <br />8 Colorado water conservation board construction fund. Said loans shall <br />9 be in the amounts listed in subsection (1) of this section 'plus or minus <br />10 such amounts, if any, as may be justified by reason of ordinary <br />11 fluctuations in construction costs as indicated by the engineering cost <br />12 indices applicable to the types of construction required for each project <br />13 or as may be justified by reason of changes in the plans for a project due <br />14 to differing or unforeseen site conditions, errors or omissions in the plans <br />15 and specifications, changes instituted by regulatory agencies, or changes <br />16 in material quantities beyond contract limits. <br />17 (3) Pursuantto section 37-60-120 (1), Colorado Revised Statutes, <br />18 the board shall require such terms and conditions in such contracts as will <br />19 ensure repayment of funds made available by it. The board shall not <br />20 disburse any moneys for any loan authorized by subsection (1) of this <br />21 section unless and until it is satisfied, at its sole discretion, that the <br />22 recipient of any such loan will be able to make repayment pursuant to the <br />23 terms and conditions established by the board and by subsection (1) of <br />24 this section. <br />25 SECTION 2. Water project loan authorizations from the <br />26 severance tax trust fund perpetual base account. (1) Pursuant to <br />27 section 39-29-109 (1) (a) (1), Colorado Revised Statutes, the Colorado <br /> <br />-3- <br /> <br />SB03-110 <br />